Firms Invest in New Jersey Solar Developer


Enhanced Capital and Crossroads Impact Corp. have funded a development capital investment in Solar Landscape, which has completed over 100 solar projects in New Jersey totaling over 115 MW.

Funding provided by Enhanced Capital is supporting a 50.5 MW DC community solar portfolio that will produce over 50 million kWh annually.

Through its climate finance strategy, Enhanced Capital supports carbon mitigation and the transition to a clean energy economy by investing in small businesses and sustainable infrastructure projects throughout the U.S. The firm applies a thematic framework to generate positive, measurable impact alongside a financial return.

“Enhanced Capital focuses on providing capital to businesses and market segments that generate measurable community impact. So, in conjunction with flexible lending products, Enhanced Capital’s investments utilize a number of state and federal tax credits,” says Michael Korengold, president and CEO of Enhanced Capital. “Our experience pairing tax credits and private capital gives us an effective playbook to support a clean energy economy and projects supporting wind energy, microgrids, EV infrastructure, carbon capture and battery storage while generating risk-adjusted returns.”

The investment will help Solar Landscape further expand its portfolio of roof-mounted systems in New Jersey’s community solar program, which is focused on delivering economic benefits to low- and moderate-income New Jersey residents. Solar Landscape’s latest community solar portfolio is made up of 46 solar installations on commercial warehouse rooftops across the state and is the largest community solar portfolio in New Jersey to date.

“This Solar Landscape portfolio is expected to produce almost 50 million kWh of zero-emission electricity by next year for low-income communities in New Jersey,” says Ed Rossier, managing director and head of climate finance. “This expansion makes Solar Landscape’s New Jersey community solar footprint one of the nation’s largest clean energy portfolios specifically designated for low- and moderate-income households and will drive down their utility costs by 20 percent on average.”

Enhanced Capital has invested in multiple transactions in proprietary and non-advisory client assets in Solar Landscape since 2020.

“New Jersey is leading the nation in connecting community solar to clean energy equity, and financing is an important part of that connection,” states Solar Landscape CEO Shaun Keegan. “Enhanced Capital’s Climate Finance strategy is focused on supporting sectors like community solar that bring tangible benefits to communities, empower commercial real estate leaders to meet their ESG goals, and help us transition to net zero. We look forward to bringing these benefits to thousands of residents here in New Jersey and soon to even more nationwide.”

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