GE-backed firm raises $250 million to support solar growth

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Distributed Solar Development, a developer of solar storage solutions, has closed $250 million in funding to support distributed energy generation projects through 2020.

The capital has been raised by Morgan Stanley, Silicon Valley Bank and Fifth Third Bank. Distributed Solar Development (DSD) says the funding follows its recent announcement of its partnership with BlackRock Real Assets and GE Renewable Energy.

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Erik Schiemann, CEO at Distributed Solar Development, said: “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.

“Our ability to partner with some of the world’s leading financial institutions underscores the importance of alternative energy as a business driver and as a force for environmental responsibility.”

Silicon Valley Bank has as of the end of the first quarter of 2019 committed more than $1.3 billion to renewable energy projects, with an emphasis on distributed solar generation.

“SVB is excited to partner with DSD as the Coordinating Lead Arranger for their inaugural distributed portfolio financing. We expect this transaction to provide the blueprint for multiple additional financings as DSD rapidly scales its business,” said Kerri L. Fox, market manager and managing director of Silicon Valley Bank, Project Finance.