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, 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.
According to the company, it has raised over $2 billion in project capital since 2019, developing and deploying over 600 MW of solar and storage. The investment from Cox will allow DSD to further its renewable energy solutions.
“Our growth, initially fueled by BlackRock’s faith in us, now enters a new chapter with Cox that will advance our position as a cleantech leader and scale our business. This partnership is a testament to how far we’ve come and our unwavering commitment to accelerating renewable energy solutions deployment,” said Erik Schiemann, CEO at DSD.
BlackRock’s Climate Infrastructure business is currently and is the majority stakeholder in DSD, alongside Cox.
“The management team at DSD has built an impressive business with a bright future,” said Will Thorburn, Cox Cleantech. “The way they are benefiting both business and the planet shows their ability to think innovatively and operate with purpose. We are looking forward to working with DSD to have an even larger impact in the years to come.”
Earlier this year, the company secured $140 million in pre-notice to proceed (NTP) credit facilities to support solar projects in late-stage development. The capital will support the continued development of DSD’s late-stage development pipeline, totaling 205 MW across California, Illinois, Maine, Massachusetts, Minnesota, New York, Vermont, and Virginia.
According to Mercom’s 9M and Q3 2023 Solar Funding and M&A Report, in 9M 2023, total corporate funding, including venture capital (VC) funding, public market, and debt financing, in 9M 2023 stood at $28.9 billion, 55% higher than $18.7 billion raised in 9M 2022.