Industrial rooftop photo voltaic developer Photo voltaic Panorama secured a record-breaking $847 million in 2024 to fund its largest-ever portfolio of economic rooftop photo voltaic initiatives. This windfall will finance over 200 US installations and convey clear vitality to the equal of greater than 50,000 properties.
Photo voltaic Panorama’s record-breaking 2024
Prologis, a world logistics large, introduced in September that it’s working with Photo voltaic Panorama to place photo voltaic on 30 million sq. ft of rooftop area (pictured), contributing to its bold 1 GW of photo voltaic and battery storage by 2025 aim. In the meantime, Walmart is investing in 74 rooftop photo voltaic initiatives throughout Maryland and Illinois, including almost 43 MW of unpolluted vitality to native grids.
The financing got here from a mixture of 10 buyers and monetary companions, highlighting rising confidence in Asbury Park, New Jersey-based Photo voltaic Panorama’s potential to scale up rooftop photo voltaic. KeyState Renewables alone dedicated $184 million in tax fairness, pooling regional banks to again over 100 MW of initiatives spanning 8.5 million sq. ft.
Silicon Valley Financial institution, alongside KeyBanc Capital Markets and Nationwide Financial institution of Canada, coordinated a $283 million inexperienced mortgage. This funding additionally helps workforce growth and group entry to inexpensive energy.
Photo voltaic Panorama additionally introduced immediately that it has locked in contracts for 40 million sq. ft of extra industrial and industrial rooftop area, laying the groundwork for one more 500 megawatts (MW) of photo voltaic capability – sufficient to energy 80,000 properties.
Why industrial rooftop photo voltaic in 2024?
Vitality demand is surging, and it’s being pushed by AI, knowledge facilities, and the broader electrification of the financial system. Distributed era, like rooftop photo voltaic, affords a quick and modular answer, typically coming on-line in simply 12 to 24 months.
By leasing 40 million sq. ft of extra industrial rooftops in 2024 alone, Photo voltaic Panorama is tapping into this rising demand. These initiatives would require one other billion {dollars} in financing, however the payoff is extra clear vitality, quicker.
“The surge in US grid vitality demand makes industrial rooftops excellent for photo voltaic,” mentioned Shaun Keegan, CEO and co-founder of Photo voltaic Panorama. “At Photo voltaic Panorama, we’ve led the design-build course of for these initiatives since 2012, standing aside by being vertically built-in and forming lasting partnerships with actual property purchasers.”
Learn extra: Why placing rooftop photo voltaic on all US warehouses is a no brainer – in numbers
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