US commercial and industrial (C&I) PV developer DSD Renewables (DSD) has secured a US$200 million preferred equity investment from Ares Management Corporation to increase its growth.
The company said the funds will be used to expand its pipeline of solar PV projects in the C&I market, as well as grow its Developer Network platform it launched in 2021.
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Greg Fabso, CFO of DSD, said: “This investment from Ares, along with continued support from BlackRock Real Assets, will enable us to scale further as we strategically build out more renewable energy projects across the country, take on new partners, and grow our asset base.”
DSD, which launched as a start-up within General Electric in 2012 and was acquired by BlackRock in November 2020, has more than 1GW of solar and energy storage projects in the pipeline.
In the past year, the company raised more than US$500 million in tax equity, credit and debt financing from Bank of America, Rabobank and Credit Suisse to fund its C&I development portfolio growth.
In May 2021, DSD acquired from Alternative Energy Development Group a 2MW PV plant in California that will supply energy to an oilfield.
