Distributed Solar Development (DSD), a business backed by BlackRock Real Assets’ Global Renewable Power platform and GE Renewable Energy, has closed on a US$250 million fund financed by Morgan Stanley, Silicon Valley Bank and Fifth Third Bank that will be utilised to fund a portfolio of distributed generation projects through 2020.
This fund was raised after DSD’s recent announcement of its partnership with BlackRock Real Assets and GE Renewable Energy.
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Silicon Valley Bank has continued to grow a project finance business revolving around energy and resource innovation, with the bank committing more than US$1.3 billion to renewable energy projects as of the end of 1H2019.
Fifth Third Bank recently became the first Fortune 500 Company to achieve 100% renewable power with the opening of the 120MW Aulander Holloman Solar Facility in North Carolina back in August 2019.
Erik Schiemann, CEO at DSD, said: “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. 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.”
Jorge Iragorri, managing director at Morgan Stanley, added: “We are proud to partner with DSD, BlackRock Real Assets and GE Renewable Energy on the financing of this solar portfolio. We are excited to support our clients and continue growing renewable energy across the US.”
