Solar Landscape Secures $175 Million From PGIM Private Capital To Expand Distributed Rooftop Solar Installations
Summary
PGIM Private Capital, the private investment arm of PGIMPrudential Financials $1.4 trillion global investment management businesswill provide funding through an institutional shelf debt facility.The financing will be used to support the construction and operation of 74 rooftop solar projects located on 3 million square feet of commercial rooftops in Maryland and Illinois. These installations are expected to generate nearly 43 megawatts (DC) of solar power, which will feed directly into the local distribution grid, delivering clean electricity to the surrounding communities. The new partnership builds on the foundation established by a previous tax equity investment from Walmart, announced in October 2024. With the addition of the PGIM financing, Solar Landscape is well-positioned to expand its presence in other markets, with future deployments anticipated in 2025 and beyond.Clayton Avent, said in a statement, Commercial rooftop solar is Americas most shovel-ready energy source and this financing enables us to build more and build it faster. The first wave of these projects is already generating electricity to meet the countrys growing demand.Ingrida Soldatova, Senior Principal, Real Assets, Power at PGIM Private Capital, stated, 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.