DSD, the business-backed by BlackRock and GE Renewable Energy, has announced the closing of a USD 250 million fund to invest in future solar projects
Distributed Solar Development (DSD), the business-backed by BlackRock Real Assets’ Global Renewable Power platform and GE Renewable Energy, has announced the closing of a USD 250 million fund financed by Morgan Stanley, Silicon Valley Bank and Fifth Third Bank to fund a portfolio of distributed generation projects through 2020.
“This transaction positions DSD for significant growth over the next year as we work to meet growing demand from commercial and industrial clients for clean, renewable energy,” said Erik Schiemann, CEO at Distributed Solar Development. “Our ability to partner with some of the world’s leading financial institutions underscores the importance of alternative energy as a business driver and as a force for environmental responsibility.”
“We are proud to partner with DSD, BlackRock Real Assets and GE Renewable Energy on the financing of this solar portfolio,” said Jorge Iragorri, Managing Director at Morgan Stanley. “We are excited to support our clients and continue growing renewable energy across the U.S.”
Silicon Valley Bank (SVB), a long-time backer of cleantech and energy companies, has a quickly growing project finance business dedicated to the energy and resource innovation space. As of the end of 1H2019, the team had committed more than $1.3 billion to renewable energy projects, with an emphasis on distributed solar generation.
Fifth Third Bank’s participation reflects its commitment to sustainability. The bank recently became the first Fortune 500 Company to achieve 100 percent renewable power with the opening of the Aulander Holloman Solar Facility in North Carolina. It also recently added a group dedicated to providing M&A and capital markets advisory services for the renewable energy industry.
“Participating in this transaction with DSD aligns with our strategic objectives and extends our commitment to renewable energy by making it more available to the market as a whole,” said Eric Cohen, Vice President and Group Head of Renewable Energy Finance at Fifth Third Bank.
This fund was raised after DSD’s recent announcement of its partnership with BlackRock Real Assets and GE Renewable Energy.