Walmart Invests in Multi-State Community Solar Portfolio Developed by Solar Landscape

Business Wire 9-Oct-2024 3:53 PM

43 Megawatts of Commercial Rooftop Projects in Maryland and Illinois Expected to Reduce Energy Costs for Over 3,600 Households

Solar Landscape, a leading commercial and community solar developer, and Walmart (NYSE:WMT) announced today that Walmart will invest in 74 Solar Landscape community solar projects in Maryland and Illinois.

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Walmart Invests in Multi-State Community Solar Portfolio Developed by Solar Landscape: 43 Megawatts of Commercial Rooftop Projects in Maryland and Illinois Expected to Reduce Energy Costs for Over 3,600 Households (Graphic: Business Wire)

The commercial rooftop projects are currently under construction and expected to energize in 2024 and 2025. They will create nearly 43 megawatts (DC) of solar capacity for the surrounding communities, enough power to serve the equivalent of over 3,600 homes.

Approximately half of the portfolio is designed to reduce energy costs for low- and moderate-income (LMI) households. In total, Solar Landscape estimates that the projects will save subscribers about $1 million annually on energy bills.

"Our investment in this community solar portfolio is aligned with our purpose to help people save money and live better," said Frank Palladino, Vice President, Renewable Energy Strategy for Walmart. "Once operational, these projects will enhance grid infrastructure in dozens of communities in Maryland and Illinois, while expanding access to affordable clean energy and helping thousands of households save money on energy bills."

By placing community solar projects on commercial rooftops in densely populated areas, known as load pockets, where it can be difficult to generate new power using traditional means, the portfolio will add significant value to the electrical grid. This reduces the need for additional transmission, furthers equity in the clean energy transition, and accelerates development.

"Walmart's investment into this community solar portfolio is an important first step in our relationship together and a catalyst for our mission to make solar more accessible and affordable across the country," said Clayton Avent, CFO of Solar Landscape. "Developing community solar projects on commercial rooftops is the quickest and most efficient way to bring electricity savings to communities. We look forward to increasing access to solar and creating savings for residents surrounding the projects in this portfolio."

Solar Landscape and Walmart plan to explore follow-on investments and opportunities to achieve shared goals in the domestic community solar space.

Once complete, the 43 MW (DC) portfolio will help avoid the emissions of nearly 40,000 tons of carbon dioxide annually, equal to almost 40 million pounds of coal burned, according to the EPA.

The investment will also help create new local jobs. Solar Landscape estimates that the construction of 43 MW of commercial rooftop capacity requires approximately 342,000 person-hours of installation time, equivalent to more than 170 full-time jobs if done in a single year.

About Walmart

Walmart Inc. (NYSE:WMT) is a people-led, tech-powered omnichannel retailer helping people save money and live better — anytime and anywhere — in stores, online, and through their mobile devices. Each week, approximately 255 million customers and members visit more than 10,500 stores and numerous eCommerce websites in 19 countries. With fiscal year 2024 revenue of $648 billion, Walmart employs approximately 2.1 million associates worldwide. Walmart continues to be a leader in sustainability, corporate philanthropy, and employment opportunity. Additional information about Walmart can be found by visiting corporate.walmart.com, on Facebook at facebook.com/walmart, on X (formerly known as Twitter) at twitter.com/walmart, and on LinkedIn at linkedin.com/company/walmart.

About Solar Landscape

Solar Landscape is the leading commercial and community solar developer in the United States. The company partners with the world's largest real estate companies to develop, install, and operate solar projects on commercial and industrial rooftops. Through the groundbreaking community solar model, households in surrounding communities can subscribe to receive solar power at a guaranteed discount. Solar Landscape has deployed more than 500 megawatts of renewable energy projects – totaling over $1 billion in capital investment – and leased 100 million square feet of commercial rooftops. The company was named the #1 Distributed Generation developer for 2023 by New Project Media and was awarded the U.S. Department of Energy's Equitable Community Solar Grand Prize. For more, visit www.solarlandscape.com.

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