DSD raises USD 75m of additional tax equity from Bank of America

DSD Renewables said on Tuesday that it arranged USD 75 million (EUR 69.2m) in tax equity financing with Bank of America so it could proceed with the realisation of a pipeline of distributed generation (DG) solar projects this year.

The company intends to use the funds for the development and deployment of 61 MW of projects for commercial and industrial (C&I) customers, along with certain community solar and storage installations, across the states of California, Connecticut, Illinois, New Jersey, New York, Massachusetts, Minnesota and Pennsylvania, as well as in Washington DC.

“This investment is key in enabling DSD to efficiently deploy approximately a quarter of the projects in our 2023 build plan,” commented Hannah McGovern, DSD’s vice president of project finance. She noted that many of the company’s projects seek to qualify for the low-to-moderate income, energy community, and domestically produced incentives under the Inflation Reduction Act (IRA).

This is the second tax equity financing DSD closes with Bank of America following a USD-85-million deal that was sealed two years ago.

(USD 1.0 = EUR 0.923)

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