Solar Landscape, Nuveen Energy Infrastructure Credit close $117M investment, their second deal within 12 months

Solar Landscape, an Asbury Park-based commercial and industrial rooftop solar and storage independent power producer, said on April 14 that it closed a $117 million preferred tax equity investment with Nuveen Energy Infrastructure Credit.

The announcement marked the second major transaction between the two firms in less than 12 months.

Under the terms of the transaction, Nuveen EIC has committed $117 million to Solar Landscape at close. That commitment will be augmented with an expected $120 million of tax credit transfer proceeds that together with Nuveen’s preferred tax equity investment will support the construction and operation of a 145-megawatt portfolio of community solar assets sited on commercial and industrial rooftops across Maryland, Illinois, New Jersey and Minnesota.

The investment will span two years of capital deployment for a subset of Solar Landscape’s project execution. The investment is structured to simplify the monetization of distributed generation tax credits, eliminating the need for traditional tax equity financing and enabling Solar Landscape to deploy capital more efficiently across its portfolio of operating assets.

“We’re happy to announce the closing of this important investment to support the continued expansion of new energy generation solutions with our commercial real estate partners in several of our core markets,” said Clayton Avent, chief financial officer of Solar Landscape. “We are proud to deepen our relationship with Nuveen, a best-in-class institutional investor, as we scale the deployment of distributed power to deliver new capacity fast to meet rising energy demand across the U.S.”

This transaction follows Solar Landscape’s continued momentum in the commercial and industrial rooftop solar space, with recent wins across multiple state programs and an expanding pipeline of commercial real estate partnerships.

Solar Landscape is in the business of transforming commercial real estate into a scalable source of power generation and storage. It partners with the world’s largest property owners and leases underutilized rooftops and develops, builds, owns and operates solar and storage projects at scale, delivering new energy close to demand. Solar Landscape is based in Asbury Park and has offices in New York City, Chicago, Boston and Baltimore.