Image: Solar Landscape
Commercial rooftop solar developer Solar Landscape has secured a record-breaking $847 million through 2024 to fund its largest portfolio of commercial rooftop solar projects. This windfall will fund 200 installations in the US and deliver clean energy equivalent to more than 50,000 homes.
Solar Landscape Record for 2024
Prologis, the global transportation giant, announced in September that it is working with Solar Landscape to put solar on about 30 million square feet of rooftop space (pictured), contributing to its goal of 1 GW of solar and battery storage by 2025. Meanwhile, Walmart is investing in 74 rooftop solar projects across Maryland and Illinois, adding nearly 43 MW of clean energy to local grids.
The funding came from a combination of 10 investors and financial partners, highlighting growing confidence in Asbury Park, New Jersey-based Solar Landscape's ability to scale rooftop solar. KeyState Renewables alone generated $184 million in tax equity, consolidating regional banks to back more than 100 MW of projects spanning 8.5 million square feet.
Silicon Valley Bank, along with KeyBanc Capital Markets and National Bank of Canada, coordinated the $283 million greenfield loan. This funding also supports workforce development and community access to affordable energy.
Solar Landscape also announced today that it has locked in contracts for 40 million square feet of additional commercial and industrial rooftop space, laying the groundwork for another 500 megawatts (MW) of solar capacity – enough to power 80,000 homes.
Why commercial rooftop solar in 2024?
Energy demand is growing, and is being driven by AI, data centers, and the wider electrification of the economy. Distributed generation, such as rooftop solar, offers a fast and modular solution, typically coming online in 12 to 24 months.
By leasing 40 million square feet of additional commercial rooftop space in 2024 alone, Solar Landscape is tapping into this growing demand. These projects will require another billion dollars in financing, but the payoff is clean energy, fast.
“Increasing demand for energy from the US grid makes commercial rooftops ideal for going solar,” said Shaun Keegan, CEO and founder of Solar Landscape. “At Solar Landscape, we have led the process of building these projects since 2012, distinguishing ourselves through direct integration and building lasting relationships with real estate clients.”
Read more: Why putting solar on the roofs of every US warehouse is a no-brainer – by the numbers
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