Walmart invests in 74 community solar projects
Walmart Inc. is increasing its commitment to solar power.
The discount giant is investing in a 3-million-sq.-ft. clean energy portfolio developed by Solar Landscape that will put solar panels on the rooftops of 74 commercial buildings in Maryland and Illinois.
The commercial rooftop projects are currently under construction and expected to become operational 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 more than 3,600 homes.
Approximately half of the portfolio is designed to reduce energy costs for low- and moderate-income 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, VP, 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."
Solar Landscape and Walmart plan to explore follow-on investments and opportunities in the domestic community solar space. Once complete, the Maryland-Illinois 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 Environmental Protection Agency.
In addition, Solar Landscape estimates that construction for the projects will require approximately 342,000 person-hours of installation time, equivalent to more than 170 full-time jobs if done in a single year.
"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.
Walmart commits to clean energy
Walmart continues to accelerate its energy transformation strategy as it works towards its goal to be 100% powered by renewable energy by 2035. In March 2024, the retail giant said it has made commitments that will enable the construction of nearly 1 gigawatt (GW) of new clean energy projects across the country.
[READ MORE: Walmart in big new investment in clean energy]
The new investments will add to Walmart’s existing portfolio of more than 600 onsite and offsite renewable energy projects already in operation or under development in more than 10 countries.
As part of the new commitments, Walmart is investing in 19 solar projects under development across the country, including 15 community solar projects, with national renewable energy provider Pivot Energy.
The strategic tax equity investment will drive the construction, operation and maintenance of a diverse solar project portfolio across five states: Illinois, Colorado, Maryland, Delaware and California.
Based in Bentonville, Ark., Walmart Inc. operates more than 10,500 stores and numerous e-commerce websites in 19 countries.
