Solar Landscape has closed a development financing facility of up to $150 million with Copenhagen Infrastructure Partners, funded through the firm’s Green Credit Fund II, to accelerate the development of distributed solar projects across the company’s national pipeline.
The facility will initially support a portfolio of about 250 megawatts of mid- and late-stage development assets, allowing Solar Landscape to move earlier on equipment procurement, interconnection, offtake and pre-construction work — activities the company says will help projects advance more quickly from early development into construction.
The financing builds on a string of capital raises Solar Landscape has completed over the past year, including a $600 million senior debt facility, a $125 million corporate revolving credit facility and a $117 million preferred equity investment. Combined, those deals bring the company’s total capital raised over the past three years to more than $2.2 billion.
“As demand for electricity continues to accelerate, the ability to efficiently raise and deploy capital across the totality of the development lifecycle is becoming an increasingly important competitive advantage,” Clayton Avent, chief financial officer of Solar Landscape, said.
“We deeply appreciate CIP’s partnership in providing us with revolving development capital that increases the throughput of our development platform, allowing us to advance projects more efficiently and bring new distributed energy infrastructure online faster.”
Reiner Boehning, partner at Copenhagen Infrastructure Partners, spoke well of Solar Landscape’s efforts.
“Solar Landscape’s rooftop community solar projects are precisely what the market needs right now,” he said. “On a constrained PJM grid where demand is surging, generation that plugs directly into the local distribution system brings new supply online quickly and lowers costs for ratepayers.”
The deal marks the fourth investment from CI GCF II, which had its first close of 1.3 billion euros in March.
Solar Landscape, headquartered in Asbury Park with offices in New York City, Chicago and Baltimore, works with more than 170 commercial real estate owners and utilities to develop, build, own and operate solar and storage projects on commercial rooftops. The company has deployed more than 500 projects representing over 750 megawatts of generation.
