Solar Landscapeon Wednesday announced the closing of a $600 million senior debt warehouse facility. The green-labeled financing represents the largest revolving debt facility of its kind for the commercial rooftop energy sector and will be headquartered out of the company’s Asbury Park home base.
The $600 million package—comprised of a $350 million construction warehouse and a $250 million term loan—is designed to accelerate the company’s ability to turn commercial real estate into a source of new power.
The financing is anchored by a massive 146-megawatt portfolio of community solar assets currently under construction or in late-stage development across New Jersey, Illinois, Maryland, and Minnesota.
By utilizing a revolving structure, Solar Landscape can deploy capital more efficiently across multiple projects. This is particularly critical in New Jersey, where the demand for distributed energy is surging to meet state clean energy goals and rising load growth from electrification and data centers.
“This financing marks a meaningful evolution in how we fund and scale distributed energy,” Clayton Avent, Chief Financial Officer of Solar Landscape said. “As our pipeline has grown, so has the need for a structure that can keep pace. This facility allows us to deploy capital more efficiently… increasing the speed at which we can bring new capacity online.”
As traditional transmission projects face multi-year delays, Solar Landscape’s model of building “distributed infrastructure” within existing load centers—specifically on commercial and industrial rooftops—is emerging as the fastest way to add capacity to the grid.
In many cases, Solar Landscape can move from site control to operation in as little as 12 months, providing a rapid solution for utilities and ratepayers struggling with rising electricity costs.
“Solar Landscape has developed a scalable, repeatable model for deploying solar power on commercial real estate,” Mike Lorusso, Head of Energy Finance at First Citizens Bank, which led the syndicate of lenders, said.
The $600 million syndicate includes heavy hitters in the energy finance space, including KeyBank, National Bank of Canada, Siemens Financial Services, and BankUnited.
Headquartered in Asbury Park, Solar Landscape is the nation’s leading distributed energy infrastructure company. The firm specializes in commercial rooftop solar, storage, and community solar projects that deliver new capacity to the grid while generating long-term income for property owners. For more information, visit www.solarlandscape.com.
