Credit Suisse has provided a $300 million debt facility to Distributed Solar Development, a solar developer that spun out of General Electric. The capital will be used to finance commercial and industrial distributed generation projects over the next two years. DSD is backed by BlackRock.
SCHENECTADY, N.Y. — January 26, 2021 — Distributed Solar Development (DSD) announced today the closing of a $300M debt facility financed by Credit Suisse, the first of multiple financing deals DSD expects to close on this winter. The financing is aligned with DSD’s 2021-2022 projects under development and flexible enough to support its anticipated scale of growth.
“Our team’s ability to map out projects is among the best in the industry,” said Erik Schiemann, CEO at DSD. “The fact that our pipeline is developed to the point where we can sustain two-year availability with a leading global financial institution is a clear indication of how renewable energy is driving business as well as environmental responsibility.”
The Credit Suisse debt facility will be used to finance a broad range of commercial and industrial projects and distributed generation assets, and will accommodate multiple tax equity partnerships and structures.
“This facility provides a flexible back leverage solution that allows DSD to focus on originating and developing assets, rather than ongoing financing,” said Jamie Hutson, Director of Structured Finance at DSD. “It provides the kind of flexibility an innovative developer requires and helps fulfill our vision for making distributed solar energy more widely available. We look forward to building this relationship.”
About Distributed Solar Development
Distributed Solar Development (DSD) is transforming the way organizations harness clean energy. With unparalleled capabilities including development, structured financing, project acquisition and long-term asset ownership, DSD creates significant value for our commercial, industrial and municipal customers and partners. Backed by world-leading financial partners like BlackRock Real Assets and rooted in our founding at GE with a 120+ year legacy of innovation, our team brings a distinct combination of ingenuity, rigor, and accountability to every project we manage, acquire, own and maintain. To learn more, visit dsdrenewables.com. Connect with us on LinkedIn and Twitter.