Solar Landscape announced a landmark $175 million long-term partnership with PGIM Private Capital, to finance its growing portfolio of projects that feed electricity directly into the distributed grid.
PGIM Private Capital is the private capital arm of PGIM, the $1.4 trillion global investment management business of Prudential Financial.
The partnership — in the form of an institutional shelf debt facility — will finance the construction and operations of 74 Solar Landscape projects in Maryland and Illinois on 3 million square feet of commercial rooftops, creating nearly 43 megawatts (DC) of solar capacity for the surrounding communities.
“Commercial rooftop solar is America’s most shovel-ready energy source and this financing enables us to build more and build it faster,” Solar Landscape Chief Financial Officer Clayton Avent said. “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.”
The transaction marks an important step in Solar Landscape’s capital markets evolution and will enable dynamic and efficient deployment of debt capital into the company’s best-in-class rooftop community solar projects.
The shelf financing from PGIM Private Capital complements Walmart’s tax equity investment in the portfolio, which Walmart and Solar Landscape announced in October 2024.
For PGIM Private Capital, the investment is part of its long-term approach to investment in clean energy.
More than a dozen of the projects in the initial investment portfolio were energized recently in Maryland and the balance of the portfolio is expected to come into service in 2025.
