Solar Landscape lands tax equity
New Jersey-based Solar Landscape has secured a US$117m preferred tax equity investment from Nuveen Energy Infrastructure Credit.
Nuveen's commitment will be augmented with an expected US$120m of tax credit transfer proceeds to support construction and operation of a 145MW portfolio of community solar assets. The projects will be installed 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 and was structured to simplify the monetisation of tax credits. It eliminates the need for traditional tax equity financing and enables Solar Landscape to deploy capital more efficiently across its operating portfolio.
The deal is the second between the two firms in less than 12 months having closed on a US$115m credit facility in June to support a portfolio of assets.
