BlackRock, GE-backed DSD closes on funding for $250 million distributed generation project portfolio

Financing

Distributed Solar Development (DSD) – a business backed by BlackRock Real Assets’ Global Renewable Power platform and GE Renewable Energy – just announced the closing of a $250 million fund financed by Morgan Stanley, Silicon Valley Bank and Fifth Third Bank to fund a portfolio of distributed generation projects through 2020.

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“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.”

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.

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“We expect this transaction to provide the blueprint for multiple additional financings as DSD rapidly scales its business,” said Kerri L. Fox, Market Manager and Managing Director of Silicon Valley Bank, Project Finance.

Fifth Third Bank’s participation reflects its commitment to sustainability. The bank recently became the first Fortune 500 Company to achieve 100% 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.

“The willingness of some of the largest financial services brands in the world to partner with us speaks volumes about our go-forward strategy,” added Jamie Hutson, Vice President of Structured Finance at Distributed Solar Development. “It is an endorsement of our vision for making distributed solar energy more widely available. We look forward to building this relationship and pursuing our objectives.”

This fund was raised after DSD’s recent announcement of its partnership with BlackRock Real Assets and GE Renewable Energy.

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