US commercial and industrial (C&I) rooftop solar developer Solar Landscape has secured US$847 million in project investment and financing in 2024.
The money raised will support the development of the company’s portfolio, which includes more than 200 projects across the US.
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In total the company raised US$847 million in proceeds from debt, equity and tax equity to grow its C&I portfolio. Among the 10 parties involved are financial entities KeyState Renewables, Silicon Valley Bank, logistics real estate company Prologis and retail giant Walmart.
Through two investment vehicles, KeyState Renewables invested US$184 million in tax equity towards the development of C&I projects developed and owned by Solar Landscape and will finance 101 projects with a combined capacity of more than 100MW.
Moreover, Solar Landscape secured a US$283 million green loan led by Silicon Valley Bank, a division of First Citizen Bank, which the company said will support its investment into communities through workforce development and equitable access to clean energy.
Prologis partnership with Solar Landscape aims to develop and finance over 30 million square feet of C&I rooftop solar PV, as part of its target to deploy 1GW of on-site solar PV and energy storage by 2025.
“The surge in US grid energy demand makes commercial rooftops ideal for solar,” said Shaun Keegan, CEO and Co-Founder of Solar Landscape.
Solar Landscape leased 40 million square feet of commercial rooftop space in the US this year and aims to to develop 500MW of solar PV capacity across that space by raising US$1 billion in project financing .
Community solar projects on commercial rooftop
Furthermore, the partnerships between Walmart and Solar Landscape will see the construction of 74 community solar projects built on commercial rooftops across the US states of Maryland and Illinois. Once completed, the portfolio will have a combined solar PV capacity of 43MW. Appetite for community solar from large C&I customers has been on the rise in 2024, with different routes for corporations to participate in community solar (Premium access).
The retailer giant continues to increase its partnerships in the community solar sector, as earlier this year it partnered with renewables developer Pivot Energy for the development of a community solar portfolio of 72MW. In total, Walmart invested in 19 projects, 15 of which community solar, in the US states of Illinois, Colorado, Maryland, Delaware, and California.
