May 15, 2025 12:01 PM Eastern Daylight Time
Inaugural Shelf Notes Fund Commercial Rooftop Solar Portfolio in Maryland and Illinois
ASBURY PARK, N.J.–(BUSINESS WIRE)–Solar Landscape, the nation’s leading commercial rooftop solar developer, has 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, initially across Maryland and Illinois.
“Commercial rooftop solar is America’s most shovel-ready energy source and this financing enables us to build more and build it faster.”Share
PGIM Private Capital is the private capital arm of PGIM, the $1.4 trillion global investment management business of Prudential Financial, Inc. (NYSE: PRU).
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,” said Solar Landscape Chief Financial Officer Clayton Avent. “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 flexibility of the private shelf facility enables Solar Landscape to further expedite development and deployment cycles, generating energy into the distribution-level grid quickly and efficiently.
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. Subsequent shelf deployments across addressable markets are expected to follow in 2025 and beyond, further entrenching Solar Landscape’s status as the nation’s preeminent fully-integrated independent power producer focused on deploying solar and energy storage on commercial rooftops.
For PGIM Private Capital, the investment is part of its long-term approach to investment in clean energy.
“By building solar projects on existing commercial buildings, Solar Landscape is deploying energy quickly, efficiently and close to where it will be used, making it a sound investment in our energy future,” said Ingrida Soldatova, Senior Principal, Real Assets—Power at PGIM Private Capital. “We are always happy to continue adding to our portfolio of investments in the community solar space.”
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.
About Solar Landscape
Solar Landscape is the premier commercial rooftop solar developer in the United States, partnering with the world’s largest real estate owners to develop, install, and operate solar projects. Recognized as the #1 Distributed Generation Developer of 2023 by New Project Media and awarded the U.S. Department of Energy’s Community Solar Grand Prize, Solar Landscape is shaping the future of clean energy. Headquartered in Asbury Park, NJ, the company also has offices in New York City, Chicago, Boston, and Baltimore. Visit www.solarlandscape.com for more information.
About PGIM Private Capital
For nearly 100 years, PGIM Private Capital has been partnering with a wide range of corporations, sponsors, and institutions to provide valuable insights and customized capital solutions that enable them to achieve their growth and funding goals. In an industry where capital can seem like a commodity and relationships are often fleeting and transactional, we strive to build enduring local partnerships based on a steady and patient commitment to our partners’ long-term capital needs. With regional teams in 15 offices around the world, we manage a portfolio of $106.6 billion for our partners (as of 12.31.24).
Contacts
Brendon Shank, Solar Landscape, 202-256-2083 [email protected]