Enhanced Capital and Crossroads Impact Corp. announced Dec. 14 they funded a development capital investment in Solar Landscape, the Asbury Park-based community solar developer that was recently named to NJBIZ’s 2022 Companies to Watch.

With a focus on delivering economic benefits to low- and moderate-income New Jerseyans, Solar Landscape has completed more than 100 solar projects in the Garden State totaling over 115 megawatts.

Its latest community solar portfolio is made up of 46 solar installations on commercial warehouse rooftops — the largest community solar portfolio in New Jersey to date.

“New Jersey is leading the nation in connecting community solar to clean energy equity, and financing is an important part of that connection,” said Shaun Keegan, Solar Landscape CEO.

Funding provided by Enhanced Capital will support a 50.5 MWdc community solar portfolio that will produce more than 50 million kilowatt hours annually, the equivalent of 2,725 homes’ annual energy use.

Since 2020, Enhanced Capital has invested in multiple transactions in proprietary and non-advisory client assets in Solar Landscape. Through its Climate Finance strategy, the company supports carbon mitigation and transitioning to a clean energy economy through investment in small businesses and sustainable infrastructure projects.

“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,” said Keegan. “We look forward to bringing these benefits to thousands of residents here in New Jersey and soon to even more nationwide.”

“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,” said 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.”

Enhanced Capital and Crossroads have regularly partnered on these types of projects in communities throughout the country.

Crossroads’ mission is to promote economic vitality through community development and equitable access to capital while harnessing the power for good to tackle systemic issues within underserved communities. This investment will help Solar Landscape further expand its portfolio of roof-mounted systems in such communities around the Garden State.

“This Solar Landscape portfolio is expected to produce almost 50 million kilowatt-hours of zero-emission electricity by next year for low-income communities in New Jersey,” said Ed Rossier, managing director and head of climate finance for Enhanced Capital. “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% on average.”