DSD Renewables Acquires 11.3 MW Solar Portfolio in Minnesota

DSD Renewables, a business backed by BlackRock Real Assets’ Global Renewable Power platform and GE Renewable Energy and a provider of customized solar PV energy and energy storage solutions, acquired seven projects totaling an 11.3 MW community solar portfolio spread around six cities in Minnesota.

The portfolio is expected to generate 17,073 MWh of clean energy each year, will have 100% residential offtake and is expected to serve more than 600 residents, while the seventh project will have a 100% commercial offtake.

Community solar is the main reason Minnesota’s grid-connected solar capacity has increased nearly sevenfold in the last six years. Industry group Clean Energy Economy Minnesota expects renewable power production to increase from 2% of the state’s electricity in 2020 to 10% by 2030.

The projects are expected to be completed by Q2 2023, where DSD will serve as the long-term owner and operator of the sites. Common Energy will be handling customer acquisition and subscriptions for the portfolio.

“We are thrilled to be entering a new market with a strong portfolio of community solar projects that will bring affordable renewable energy to a large swath of Minnesotans,” says Andrew Thurston, Director of Asset Acquisitions at DSD.

“Minnesota’s community solar program is widely recognized as a leader in terms of installed capacity, and DSD looks forward to additional opportunities to streamline and expand that impact,” says Joe Rosenberg, Director of Business Development at DSD.

In March 2022, DSD Renewables acquired six solar projects totaling 7.5 MW from Dynamic Energy in the U.S. The initial phase of the acquisition includes three rooftop solar projects in New Jersey and Connecticut, followed by the intention to acquire another three projects in Massachusetts and Virginia later in 2022.

According to Mercom’s Q1 solar Funding and M&A report, large-scale solar project acquisition activity remained strong, with over 23 GW of solar projects acquired in Q1 2022 compared to 13.1 GW in Q4 2021. Year-over-year, 15 GW were acquired in Q1 2021. Large-scale solar project acquisitions in Q1 2022 were the second-highest recorded to date.