Distributed Solar Development, a solar tech startup backed by GE and BlackRock, raises $250 million in funding
Distributed Solar Development (DSD), a solar tech startup spun off from General Electric this past summer, has closed $250 million fund to support projected solar growth next year. The investment was financed by Morgan Stanley, Silicon Valley Bank and Fifth Third Bank to fund a portfolio of distributed generation projects through 2020.
Distributed Solar Development (DSD) is a GE Renewable Energy venture and part of the evolution to cleaner, secure, more customer-focused energy. As an experienced developer with a deep bench of solar industry talent, DSD provides customized turnkey PV energy and energy storage solutions to businesses, enterprises and institutions throughout North America. The new funding came after DSD’s recent announcement of its partnership with BlackRock Real Assets and GE Renewable Energy. GE now owns 20% of the business while BlackRock has an 80% stake.
DSD was launched as a startup within General Electric in 2012 when CEO Erik Schiemann had the vision that GE could lead the evolution to distributed energy generation. At the time the market was served mainly by local solar firms that would over promise and under-deliver; with GE’s resources the GE Solar team was able to provide consistent, high-quality, turnkey onsite solar power for Commercial, Industrial & Municipal customers.
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,” said Erik Schiemann, CEO at Distributed Solar Development. “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.”
“We are proud to partner with DSD, BlackRock Real Assets and GE Renewable Energy on the financing of this solar portfolio,” said Jorge Iragorri, Managing Director at Morgan Stanley. “We are excited to support our clients and continue growing renewable energy across the U.S.”
“The willingness of some of the largest financial services brands in the world to partner with us speaks volumes about our go-forward strategy,” added Jamie Hutson, Vice President of Structured Finance at Distributed Solar Development. “It is an endorsement of our vision for making distributed solar energy more widely available. We look forward to building this relationship and pursuing our objectives.”
Distributed Solar Development (DSD) is part of the evolution to cleaner, secure, more customer-focused energy. As a highly experienced developer with a deep bench of solar industry talent, DSD provides customized turnkey PV energy and energy storage solutions to businesses, enterprises and institutions throughout North America. From analysis, through design and finance, to commercial operation and asset ownership, DSD delivers its customers long-term economic value that has real environmental impact.