DSD Renewables, a provider of customized solar PV energy and energy storage solutions, announced the closing of $238 million in financing to support the development of 233 MW distributed generation solar projects.
First Citizens Bank’s Energy Finance business acted as co-lead arranger and administrative agent on the deal. Nomura and Mitsubishi UFJ Financial Group acted as the co-lead arrangers.
The portfolio comprises 188 distributed generation solar projects totaling 233 MW of renewable generation capacity across 12 states and the District of Columbia. Three of these projects are equipped with battery energy storage systems.
“We are pleased to work with a financial partner like First Citizens Energy Finance Group that understands the long-term value of distributed energy and the unique dynamics of project finance in our industry,” said Karin Logan, Chief Investment Officer of DSD. “Their expertise and flexible approach support DSD’s deployment of clean energy solutions across the country.”
In March, the company closed a $140 million tax equity investment from Morgan Stanley Renewables. The financing will support power purchase agreements and community solar projects in markets across the Northeast, California, and Illinois.
“We are proud to support DSD as they continue to lead the way in delivering scalable, sustainable energy solutions,” said Mike Lorusso, head of Energy Finance at First Citizens Bank. “Our team is committed to providing customized financing that helps clean energy innovators achieve their growth objectives and make a lasting impact.”
In 2023, DSD Renewables secured a $250 million strategic investment from Cox Enterprises to support DSD’s growth as it continues to realize its mission of accelerating renewable energy deployment.
Since 2019, the company has raised over $2 billion in project capital and developed and deployed more than 1 GW of solar and storage projects across the U.S.
According to Mercom’s 1H and Q2 2025 Solar Funding and M&A report, large-scale project funding increased by 65% in the first half of 2025 compared to the same period in 2024.
