Solar Landscape, a top commercial and industrial rooftop solar developer in the U.S., has secured $847 million in project investment and financing in 2024, marking the largest amount in a single year for the company. This funding will allow Solar Landscape to install solar systems on more than 200 commercial rooftops nationwide, generating enough power to supply over 50,000 homes. Additionally, the company has signed contracts to develop solar projects on 40 million square feet of commercial and industrial rooftop space.
In 2024, Solar Landscape partnered with 10 investors and financing entities to raise $847 million through debt, equity, and tax equity to support its growth plans. KeyState Renewables played a key role by committing $184 million in tax equity for Solar Landscape’s commercial solar projects through two investment vehicles. KeyState is also working with several regional banks to manage tax investments for the portfolio. This tax equity will fund the operation of 101 solar projects, totaling over 100 megawatts of capacity. These projects will cover more than 8.5 million square feet of commercial and industrial rooftops.
In addition, Silicon Valley Bank, a division of First Citizens Bank, led a $283 million green loan with social benefits for commercial rooftop solar projects. The loan was supported by coordinating lead arrangers KeyBanc Capital Markets and National Bank of Canada, along with several institutional investors and participating banks. National Bank of Canada acted as the green structuring agent for the loan, which will help Solar Landscape make significant investments in communities through workforce development and providing equitable access to clean energy.
In September, Prologis, a global leader in logistics real estate, partnered with Solar Landscape to develop and finance over 30 million square feet of commercial rooftop solar projects. This partnership is part of Prologis’s goal to deploy 1 gigawatt of on-site solar and battery storage by 2025. In October, Walmart announced its investment in 74 Solar Landscape projects in Maryland and Illinois. These commercial rooftop solar installations will generate nearly 43 megawatts of capacity, improving grid infrastructure and expanding access to affordable clean energy.
As U.S. energy demand rises due to the growth of AI, data centers, and the electrification of the economy, both corporations and regulators are increasingly turning to distributed generation (DG) for its fast deployment and grid benefits. DG solar projects can typically be developed and built within 12 to 24 months, thanks to quicker interconnection times and modular setups.In 2024, Solar Landscape leased an unprecedented 40 million square feet of commercial rooftop space across the U.S. This space will require over $1 billion in project financing and will support the development of 500 megawatts of solar capacity, enough to power 80,000 homes. Solar Landscape now partners with over 80 commercial real estate owners, collectively managing more than 2 billion square feet of property nationwide.
Shaun Keegan, CEO and Co-Founder of Solar Landscape, stated, “The surge in U.S. grid energy demand makes commercial rooftops ideal for solar. At Solar Landscape, we’ve led the design-build process for these projects since 2012, standing apart by being vertically integrated and forming lasting partnerships with real estate clients. We began as a construction company and we’ve built a reputation for delivering on our promises and fostering genuine relationships with our partners.”
Solar Landscape is a leader in commercial real estate clean energy development, investing significantly in building the capabilities necessary to support its next phase of growth. The company has created a cutting-edge platform tailored to commercial real estate, which streamlines the entire lifecycle of rooftop solar projects. This technology offers real-time visibility into development, performance monitoring, and financial tracking, enabling Solar Landscape and its partners to gain actionable insights and collaborate more effectively.
Moreover, Solar Landscape has established a top-tier structured finance team skilled in managing the origination, valuation, production, diligence, structuring, negotiation, and closing of various financial transactions, including debt, tax equity, equity partnerships, and M&A for commercial rooftop solar portfolios. These announcements from 2024 highlight Solar Landscape’s dedication to transforming energy deployment in the U.S. and its vision for a scalable, distributed energy future.
