US Bank makes USD-40m tax equity investment in solar developer DSD
Solar canopy at the Gedney Way Recycling Facility in The City of White Plains, New York. Source: DSD Renewables.
US solar developer DSD Renewables said on Thursday that it has secured a tax equity investment of USD 40 million (EUR 40.2m) in its first transaction with US Bank.
The company will use the funds to support its 2022-2023 build plans and thus capture the full tax attributes of its solar installations.
More specifically, it intends to finance a 45-MW portfolio of community solar, power purchase agreement (PPA) and feed-in-tariff projects, half of which are located in New York and the rest in Connecticut, Maine, Maryland, Minnesota, New Jersey, and Virginia.
DSD estimates it will raise more than USD 1.5 billion in total funding this year to back its growth.
The solar installer had McDermott Will & Emery LLP serve as counsel on the transaction with US Bank.