Solar Landscape Secures $600 Million Debt Facility to Accelerate Distributed Energy Deployment at Scale
Solar Landscape Secures $600 Million Debt Facility to Accelerate Distributed Energy Deployment at Scale
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Key Terms
term loanfinancial
A term loan is a type of loan that is borrowed for a set period of time, with a fixed schedule for repaying the money, usually in regular payments. It matters to investors because it represents a company's borrowing costs and financial stability; reliable repayment of these loans can indicate strong financial health, while difficulties may signal potential risks.
delayed draw term loanfinancial
A delayed draw term loan is a financing agreement that lets a borrower take one or more lump-sum loans from a lender at agreed future dates within a set time window instead of receiving all funds up front. It matters to investors because it changes when and how much debt a company will carry, affecting cash flexibility, interest costs and risk exposure—think of it like an approved credit line you only tap when you need cash for a project.
revolving construction warehousefinancial
A revolving construction warehouse is a short-term credit line that a lender or developer uses to fund multiple building projects as costs come due, then repays and reuses the same facility for new draws — like a reusable bucket of cash for construction. It matters to investors because it shows how a firm finances project work, affects liquidity and borrowing costs, and concentrates credit and completion risk that can influence profitability and balance-sheet stability.
senior debtfinancial
Senior debt is borrowing that has first claim on a company's cash and assets if the company can't pay its bills, so lenders holding senior debt are repaid before other creditors and equity holders. Think of it as being first in line at a checkout; that priority makes senior debt lower risk and typically carries lower interest, and its size and terms matter to investors because they affect the safety of creditors and the potential upside or vulnerability of shareholders.
front-of-the-metertechnical
Assets or equipment located on the utility side of an electricity meter that serve the wider power grid or multiple customers rather than a single household or business. Investors care because these projects (like large batteries, solar farms or grid-connected generators) compete in wholesale power markets, follow utility rules and can scale revenue through contracts or market sales; think of them as a shared highway serving many users instead of a private driveway.
distributed generationtechnical
Electricity produced close to where it is used rather than at a large, central power plant—examples include rooftop solar, small wind turbines, and local gas generators. For investors, distributed generation matters because it can change how power is bought and sold, reduce demand for traditional utility services, create new revenue streams for installers and technology providers, and expose assets to different regulatory and reliability risks, like a neighborhood adding many home solar systems.
green-labeledregulatory
A green-labeled product, fund, bond or service carries an explicit claim that it has environmental benefits or aligns with sustainability goals, much like a “recyclable” sticker on packaging signals eco-friendly intent. For investors, the label signals potential appeal to buyers, possible access to incentives or green-focused capital, and reputational or regulatory benefits — but it also requires scrutiny because labels can vary in rigor and may mask weaker environmental performance.
term loan facilityfinancial
A term loan facility is a type of loan provided by a lender that is repaid over a set period of time, usually with fixed payments. It functions like a large, upfront loan that a borrower agrees to pay back gradually, often used to fund major investments or projects. For investors, understanding a company's use of such loans helps assess its financial stability and risk level.
Construction and term loan facilities support multi-year growth across front-of-meter, community solar distributed generation markets
NEW YORK & ASBURY PARK, N.J.--(BUSINESS WIRE)--
Solar Landscape, the nation’s leading platform for distributed energy infrastructure built on commercial real estate, today announced the closing of a $600 million committed and green-labeled senior debt warehouse facility, supporting forward execution across a growing national pipeline and enabling continued energy deployment at speed and scale.
The financing includes a $350 million three-year revolving construction warehouse and a $250 million delayed draw term loan facility with a five-year tenor. The structure represents the largest revolving senior debt facility of its kind for commercial rooftop distributed energy. The financing is purpose-built to facilitate the company’s increasing project velocity.
“This financing marks a meaningful evolution in how we fund and scale distributed energy,” said Clayton Avent, Chief Financial Officer of Solar Landscape. “As our pipeline has grown, so has the need for a structure that can keep pace. This facility allows us to deploy capital more efficiently across multiple portfolios and markets, increasing the speed at which we can bring new capacity online.”
The facility is anchored by a portfolio of 146 megawatts of community solar assets under construction and late-stage development in Illinois, New Jersey, Maryland and Minnesota. The structure allows a broader mix of future portfolios across community solar and front-of-the-meter distributed generation markets, including in Pennsylvania, Virginia and New York.
The financing was supported by a syndicate of banks and institutional lenders. First Citizens Bank led the transaction, alongside KeyBank National Association and National Bank of Canada, which also served as Green Loan Structuring Agent. Atlas, Apterra Infrastructure Capital, Siemens Financial Services, Inc., and BankUnited, N.A. served as Joint Lead Arrangers, with Mitsubishi HC Capital America, Inc. and Amalgamated Bank also participating in the transaction.
“This transaction reflects the continued growth of distributed generation as an asset class,” said Mike Lorusso, Head of Energy Finance, First Citizens Bank. “Solar Landscape has developed a scalable, repeatable model for deploying solar power on commercial real estate. This financing structure is well aligned with the company’s ability to execute at speed across multiple markets.”
A Financing Model Built for Scale
The demand for power continues to accelerate. Driven by data centers, electrification, and load growth, distributed infrastructure built within existing load centers is emerging as one of the fastest and most efficient ways to deliver new capacity, without the delays associated with transmission buildout or rurally sited greenfield development.
As this demand for power increases across the country, Solar Landscape’s proven development model of deploying solar and storage across commercial and industrial rooftops and properties has expanded rapidly. By deploying distributed resources, the company helps reduce electricity costs for ratepayers while delivering new capacity directly within existing utility footprints.
The velocity of Solar Landscape’s project execution requires a financing structure that can keep pace, particularly during construction, where timing and capital efficiency are critical. Unlike discrete portfolio financings, this revolving structure enables continuous capital deployment and a high degree of flexibility across multiple projects and geographies, reducing friction between site control origination, construction, and operation. The delayed draw term loan component further enhances flexibility and optimizes the structure for project and portfolio-level operation.
About Solar Landscape
Solar Landscape is the nation’s leading distributed energy infrastructure company, transforming commercial real estate into a source of new power by deploying solar and storage at scale. Partnering with more than 170+ commercial real estate owners and utilities, the company develops, builds, owns, and operates distributed energy projects that deliver new capacity to the grid in as little as 12 months while generating long-term income for commercial and industrial property owners.
Recognized by the Financial Times as one of the fastest-growing companies in the U.S. and ranked the #1 commercial rooftop solar developer by Solar Power World, Solar Landscape combines real estate expertise with proprietary technology and vertically integrated execution to deploy infrastructure with speed and certainty.
Headquartered in Asbury Park, New Jersey, with offices in New York City, Chicago, and Baltimore, the company has deployed more than 350 projects representing over 630 MWdc of generation.
About First Citizens Bank
First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. Headquartered in Raleigh, N.C., First Citizens has built a unique legacy of strength, stability and long-term thinking that has spanned generations. First Citizens offers an array of general banking services including a network of branches and offices nationwide; commercial banking expertise delivering best-in-class lending, leasing and other financial services coast to coast; innovation banking serving businesses at every stage; and a nationwide direct bank. Parent company First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $230 billion in assets and a member of the Fortune 500™. Discover more at firstcitizens.com.
