Solar Landscape, a U.S.-based commercial rooftop solar developer, announced a $175 million long-term partnership with PGIM Private Capital, a private capital arm of PGIM, to finance its growing portfolio of projects that feed electricity directly into the distributed grid, initially across Maryland and Illinois.
The partnership, in the form of an institutional shelf debt facility, will finance the construction and operation of 74 Solar Landscape projects on commercial rooftops in Mayland 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. “This debt investment is another example of PGIM Private Capital’s long track record of strong investment in the energy sector. The first wave of these projects is already generating electricity to meet the country’s growing demand.”
“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 company’s projects in the initial investment portfolio were recently energized in Maryland, and the remaining projects are expected to reach commercial operation in 2025.
In December 2024, the company announced it had secured $847 million in project investment and financing for 2024. The funding will support the deployment of over 200 commercial rooftop solar installations across the U.S.
According to Mercom’s Q1 2025 Solar Funding and M&A report, announced large-scale project funding increased by 27% in Q1 2025 compared to Q1 2024.
