PGIM Private Capital Backs Solar Landscape with $175 Million Private Placement to Fund Distributed Rooftop Solar Projects
Inaugural Shelf Notes Fund Commercial Rooftop Solar Portfolio in
Solar Landscape, the nation鈥檚 leading commercial rooftop solar developer, has announced a landmark
PGIM Private Capital is the private capital arm of PGIM, the
The partnership 鈥� in the form of an institutional shelf debt facility 鈥� will finance the construction and operations of 74 Solar Landscape projects in
鈥淐ommercial rooftop solar is America鈥檚 most shovel-ready energy source and this financing enables us to build more and build it faster,鈥� said Solar Landscape Chief Financial Officer Clayton Avent. 鈥淭his debt investment is another example of PGIM Private Capital鈥檚 long track record of strong investment into the energy sector. The first wave of these projects is already generating electricity to meet the country鈥檚 growing demand.鈥�
The transaction marks an important step in Solar Landscape鈥檚 capital markets evolution and will enable dynamic and efficient deployment of debt capital into the company鈥檚 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鈥檚 tax equity investment in the portfolio, which . Subsequent shelf deployments across addressable markets are expected to follow in 2025 and beyond, further entrenching Solar Landscape鈥檚 status as the nation鈥檚 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.
鈥淏y 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,鈥� said Ingrida Soldatova, Senior Principal, AG真人官方 Assets鈥擯ower at PGIM Private Capital. 鈥淲e are always happy to continue adding to our portfolio of investments in the community solar space.鈥�
More than a 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
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鈥� long-term capital needs. With regional teams in 15 offices around the world, we manage a portfolio of
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Brendon Shank, Solar Landscape, 202-256-2083 [email protected]
Source: Solar Landscape
