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Solar Landscape, a leading developer of commercial rooftop solar projects in the United States, has entered into a significant $175 million long-term financing partnership with PGIM Private Capital. This agreement will support the continued growth of Solar Landscape’s community solar portfolio, beginning with projects across Maryland and Illinois. PGIM Private Capital, the private investment arm of PGIM—Prudential Financial’s $1.4 trillion global investment management business—will provide funding through an institutional shelf debt facility. The financing will be used to support the construction and operation of 74 rooftop solar projects located on 3 million square feet of commercial rooftops in Maryland and Illinois. These installations are expected to generate nearly 43 megawatts (DC) of solar power, which will feed directly into the local distribution grid, delivering clean electricity to the surrounding communities. This transaction marks a key milestone in Solar Landscape’s access to capital markets and enhances its ability to efficiently deploy funding into high-quality rooftop community solar projects. The flexible structure of the shelf facility allows the company to streamline its project development and execution process, enabling faster integration of solar energy into the grid. The new partnership builds on the foundation established by a previous tax equity investment from Walmart, announced in October 2024. Walmart’s involvement further underscores the strong commercial interest and support behind Solar Landscape’s community solar initiatives. With the addition of the PGIM financing, Solar Landscape is well-positioned to expand its presence in other markets, with future deployments anticipated in 2025 and beyond. Clayton Avent, said in a statement, “Commercial rooftop solar is America’s most shovel-ready energy source and this financing enables us to build more and build it faster. This debt investment is another example of PGIM Private Capital’s long track record of strong investment into the energy sector. The first wave of these projects is already generating electricity to meet the country’s growing demand.” Ingrida Soldatova, Senior Principal, Real Assets, Power at PGIM Private Capital, stated, “By building solar projects on existing commercial buildings, Solar Landscape is deploying energy quickly, efficiently and close to where it will be used, making it a sound investment in our energy future. We are always happy to continue adding to our portfolio of investments in the community solar space.” For PGIM Private Capital, this investment aligns with its long-term strategy of supporting clean energy initiatives. Several of the funded projects in Maryland have already been energized, and the remaining installations in the portfolio are expected to come online during 2025. Together, Solar Landscape and PGIM Private Capital aim to advance the deployment of clean energy, increase access to solar power, and strengthen the resilience of local energy infrastructure through rooftop community solar solutions. |
