BlackRock Real Assets backed solar project developer catering to commercial, industrial and municipal organizations in North America, Distributed Solar Development (DSD) has raised $300 million debt facility from Credit Suisse.
The debt facility will be used by the solar platform to finance a broad range of commercial and industrial projects and distributed generation assets, said DSD and added that it will also accommodate multiple tax equity partnerships and structures.
With the $300 million facility in, DSD says it will be able to execute its projects under development for 2021-2022. At the same time, this allows it enough flexibility to support its anticipated scale of growth.
DSD's CEO Erik Schiemann claimed the company to have developed its pipeline 'to the point where we can sustain 2-year availability with a leading global financial institution is a clear indication of how renewable energy is driving business as well as environmental responsibility'.
"This facility provides a flexible back leverage solution that allows DSD to focus on originating and developing assets, rather than ongoing financing," said DSD's Director of Structured Finance, Jamie Hutson. "It provides the kind of flexibility an innovative developer requires and helps fulfill our vision for making distributed solar energy more widely available.
DSD said this $300 million financing is first of multiple deals it expects to close on this winter.
BlackRock acquired 80% stake in DSD from GE in July 2019 which was created from GE Solar (see 80% BlackRock Stake In GE's Distributed Solar Platform).
In October 2019, DSD raised $250 million from Morgan Stanley, Silicon Valley Bank and Fifth Third Bank (see $250 Million For GE & BlackRock Distributed PV Venture).
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