Commercial rooftop solar developer Solar Landscape secured a record-breaking $847 million in 2024 to fund its largest-ever portfolio of commercial rooftop solar projects. This windfall will finance over 200 US installations and bring clean energy to the equivalent of more than 50,000 homes.
Solar Landscape’s record-breaking 2024
Prologis, a global logistics giant, announced in September that it’s working with Solar Landscape to put solar on 30 million square feet of rooftop space (pictured), contributing to its ambitious 1 GW of solar and battery storage by 2025 goal. Meanwhile, Walmart is investing in 74 rooftop solar projects across Maryland and Illinois, adding nearly 43 MW of clean energy to local grids.
The financing came from a mix of 10 investors and financial partners, highlighting growing confidence in Asbury Park, New Jersey-based Solar Landscape’s ability to scale up rooftop solar. KeyState Renewables alone committed $184 million in tax equity, pooling regional banks to back over 100 MW of projects spanning 8.5 million square feet.
Silicon Valley Bank, alongside KeyBanc Capital Markets and National Bank of Canada, coordinated a $283 million green loan. This funding also supports workforce development and community access to affordable power.
Solar Landscape also announced today that it has locked in contracts for 40 million square feet of additional commercial and industrial rooftop space, laying the groundwork for another 500 megawatts (MW) of solar capacity – enough to power 80,000 homes.
Why commercial rooftop solar in 2024?
Energy demand is surging, and it’s being driven by AI, data centers, and the broader electrification of the economy. Distributed generation, like rooftop solar, offers a fast and modular solution, often coming online in just 12 to 24 months.
By leasing 40 million square feet of additional commercial rooftops in 2024 alone, Solar Landscape is tapping into this growing demand. These projects will require another billion dollars in financing, but the payoff is more clean energy, faster.
“The surge in US grid energy demand makes commercial rooftops ideal for solar,” said Shaun Keegan, CEO and co-founder of Solar Landscape. “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.”
Read more: Why putting rooftop solar on all US warehouses is a no-brainer – in numbers
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