A round-up of the latest news from the US PV sector, as BlackRock acquires Distributed Solar Development, Cypress Creek closes US$200m of financing and Vanderbilt University moves towards 100% renewables.
World’s top asset manager cites appetite for ‘resilience’ in era of volatility as it smashes US$3.5bn target of GEPIF III fund, set to invest in solar, storage and other renewables and non-renewables.
Funds raised by the Climate Finance Group will go towards grid-connected and distributed renewables, energy efficiency, low-carbon transportation and energy storage in Africa, Latin America and Southeast Asia.
World's largest asset manager will make sustainability "integral" to its investment portfolios and divest from thermal coal by mid-2020, according to open letters by CEO Larry Fink.
Trillions-worth giant lays out new opportunity areas for its third investment vehicle for global renewables, which has taken just months to raise US$1bn of a US$2.5bn final target.
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.
BlackRock took an 80% stake in the new company, Distributed Solar Development, in an undisclosed deal. The new business will design, build, own and operate distributed solar and storage solutions for industrial, commercial and public-service customers.
