US commercial and industrial (C&I) PV developer DSD Renewables (DSD) has raised US$238 million to bolster its portfolio of solar projects across the country.
According to the firm, the fund will support the development of 188 distributed generation solar projects across 12 states and the District of Columbia, with a combined generation capacity of 233MW. Three of these projects will also include battery energy storage systems (BESS).
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Nomura and Mitsubishi UFJ Financial Group (MUFG) served as co-lead arrangers on the transaction alongside First Citizens Bank.
In November 2020, real estate and infrastructure investments company BlackRock Real Assets acquired the remaining 20% stake in DSD from GE Renewable Energy, gaining full ownership of the company. The transaction was made through BlackRock’s Global Renewable Power II Fund, following its initial 80% acquisition in July 2019.
As of 2024, DSD has deployed 206MW of community solar across eight markets. Now in its fifth year of operation, the firm has 1.1GW of solar and storage in operation and over US$2 billion in capital raised.
In March 2022, the company secured a US$200 million preferred equity investment from the Ares Management Corporation to accelerate its growth. The funds will be used to expand its pipeline of C&I solar PV projects and further develop its Developer Network platform, launched in 2021.
