Commercial rooftop solar developer secures $175 million financing

Solar Landscape secured funds from PGIM Private Capital to support its growing project portfolio in Maryland and Illinois.

Solar Landscape, a developer of rooftop commercial solar projects, secured a $175 million long-term shelf financing from PGIM Private Capital, a $1.4 trillion investment management business of Prudential Financial.

The funding is expected to initially support Solar Landscape’s buildout of distributed commercial solar projects in 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,” said Solar Landscape Chief Financial Officer Clayton Avent.

The institutional shelf debt facility will finance the construction and operations of 74 projects in the two states on 3 million square feet of commercial rooftops, leading to nearly 43 MW of installed solar capacity.

“The first wave of these projects is already generating electricity to meet the country’s growing demand,” said Avent.

PGIM Private Capital joins Walmart as investor in the 74 project portfolio. Approximately half of the solar project portfolio is designed to reduce energy costs for low- and moderate-income households, said Solar Landscape.

“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, PGIM Private Capital.

Fourteen of the 74 projects are already installed and actively delivering electricity in Maryland, with the remainder expected to be completed in 2025.

In 2024 Solar Landscape announced that it had secured over $847 million in new funding and leased 40 million square feet of commercial rooftop space in the U.S. for a portfolio that would serve as the foundation for 500 MW of solar capacity, which is enough to power 80,000 households.

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