October 24 (Renewables Now) - Distributed Solar Development (DSD), a joint venture of investment manager BlackRock Inc (NYSE:BLK) and GE Renewable Energy, has secured USD 250 million (EUR 224.7m) in debt to fund a portfolio of distributed generation (DG) solar projects.
The funding was provided by Morgan Stanley (NYSE:MS), Silicon Valley Bank and Fifth Third Bank (NASDAQ:FITB), DSD said on Wednesday. It will help the solar and energy storage firm back the development of photovoltaic (PV) schemes through 2020.
“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 CEP Erik Schiemann.
DSD was created from GE Solar to design, engineer, finance, operate and maintain solar and storage systems for the commercial, industrial and public sectors. This summer, a fund managed by BlackRock Real Assets agreed to buy an 80% stake in the new business, with GE Renewable Energy holding a 20% interest.
(USD 1.0 = EUR 0.899)