Solar Landscape, the Asbury Park-based leader in commercial rooftop solar, announced a massive $117 million preferred tax equity investment from Nuveen Energy Infrastructure Credit (Nuveen EIC).
The deal serves as the cornerstone for a $240 million portfolio that will see the New Jersey company deploy 145 megawatts (MW) of community solar assets across the Garden State, Maryland, Illinois and Minnesota. This marks the second major transaction between Solar Landscape and Nuveen in less than a year, signaling strong institutional confidence in the Jersey Shore-headquartered firm.
The $117 million commitment from Nuveen EIC will be paired with an expected $120 million in tax credit transfer proceeds. This innovative financial structure is designed to:
- Simplify Monetization: Eliminates the need for traditional, often cumbersome tax equity financing.
- Accelerate Deployment: Allows Solar Landscape to move faster on construction and operation phases.
- Meet Surging Demand: Delivers new energy capacity directly to the grid in high-demand markets like New Jersey.
“We are proud to deepen our relationship with Nuveen… as we scale the deployment of distributed power to deliver new capacity fast to meet rising energy demand across the U.S.,” Clayton Avent, chief Finfancial officer of Solar Landscape said.
Solar Landscape has grown into a powerhouse within the distributed generation space. Headquartered on the Jersey Shore with satellite offices in major hubs like Chicago and Baltimore, the firm currently manages:
- 350+ projects deployed nationwide.
- 90 million square feet of rooftop real estate under lease.
- 630 MWdc of total generation capacity.
“Our ability to scale capital alongside their growth is helping Solar Landscape continue to deploy community solar assets with market-leading operational excellence,” Don Dimitrievich, head of Nuveen EIC said.
The investment will be deployed over the next two years, solidifying Solar Landscape’s role as a primary driver of New Jersey’s transition to a 100% clean energy state by 2035.
