SCHENECTADY, N.Y.--(BUSINESS WIRE)--Distributed Solar Development (DSD) announced today the closing of $85 million in tax equity financing from Bank of America to support its expanding pipeline of distributed generation solar projects in the commercial and industrial (C&I) market through 2021, with a sizeable portion going toward New York State Energy Development and Research Authority Value of Distributed Energy Resources (VDER) assets.
This is the third major financing deal DSD has closed this year. DSD previously announced a two-year, $300 million debt facility financed by Credit Suisse in January and a two-year, $150 million construction revolver with Rabobank in March, both of which will support DSD’s expanding pipeline of distributed generation solar projects in the C&I market.
“Our tax equity financing with Bank of America nicely complements the Credit Suisse and Rabobank financing deals closed earlier this year, and once again validates DSD’s evolution as an industry hub for the C&I market,” says DSD CEO Erik Schiemann. “We look forward to further developing our industry-leading renewable energy solutions.”
As part of Bank of America’s Environmental Business Initiative the company has deployed $200 billion since 2007 to low-carbon, sustainable business activities and recently committed $1 trillion in financing by 2030 to these efforts. Its renewable energy tax equity portfolio was approximately $10.1 billion at the end of 2020 and these investments have contributed to the development of approximately 17% (33GW) of the total installed renewable wind and solar energy capacity in the U.S.
Last November, BlackRock Real Assets completed its acquisition of the remaining 20 percent stake in DSD from GE Renewable Energy. That followed BlackRock’s initial investment in July 2019 for an 80 percent stake in DSD.
“These recent financing deals are a testament to DSD’s continued growth and position as a leading C&I operator,” says Martin Torres, Head of the Americas for the Renewable Power Group at BlackRock. “DSD’s end-to-end capabilities for developing and operating commercial, industrial and municipal solar in the U.S. gives our investors exposure to a market that’s poised to help drive the energy transition forward.”
About Distributed Solar Development
Distributed Solar Development (DSD) is transforming the way organizations harness clean energy. With unparalleled capabilities including development, structured financing, project acquisition and long-term asset ownership, DSD creates significant value for our commercial, industrial and municipal customers and partners. Backed by world-leading financial partners like BlackRock Real Assets and rooted in our founding at GE with a 120+ year legacy of innovation, our solar energy team brings a distinct combination of ingenuity, rigor, and accountability to every project we manage, acquire, own and maintain. To learn more about our industry-leading solar energy solutions, visit dsdrenewables.com and be sure to connect with us on LinkedIn and Twitter.
