Solar Landscape closes $125M revolving credit facility led by M&T Bank

Solar Landscape, a distributed energy infrastructure company based in Asbury Park, N.J., has closed a $125 million revolving credit facility led by M&T Bank (NYSE: MTB), with participation from Flagstar Bank, Atlantic Union Bank, and Valley Bank, according to a press release.

The facility was oversubscribed and expands an existing working capital line that M&T Bank had previously provided to Solar Landscape. As the company's project pipeline grew, M&T Bank syndicated the facility to increase available capital.

The revolving credit facility is intended to fund development activities and support project execution across Solar Landscape's pipeline, from origination through construction readiness.

"Speed-to-power has become one of the defining challenges facing the energy industry," said Clayton Avent, Chief Financial Officer of Solar Landscape. "This partnership, led by M&T Bank, is an important piece of our ability to enable our scale and increase throughput in our core markets."

Brian Clark, Head of Commercial Banking, New Jersey at M&T Bank, said the bank is "proud to lead this financing and support the company's continued growth as it delivers critical energy infrastructure to communities across the country."

Solar Landscape states it has deployed more than 500 projects representing over 750 MWdc of generation, partnering with more than 170 commercial real estate owners and utilities.

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