BlackRock Real Assets Acquires Remaining Interest in Distributed Solar Development
BlackRock Real Assets has acquired the remaining 20% stake in Distributed Solar Development (DSD) from GE Renewable Energy, resulting in full ownership of DSD. This acquisition strengthens BlackRock's presence in the commercial and industrial solar sector in the U.S. and allows for increased investment in renewable energy projects. The Global Renewable Power II Fund, through which the acquisition was made, now fully commits to 16 investments across over 150 projects globally. BlackRock's renewable power platform includes over $6.5 billion invested in solar and wind projects worldwide.
- Full ownership of DSD enhances BlackRock's market position in the renewable energy sector.
- Increased investment potential for DSD to deploy over 200 megawatts of renewable energy annually starting 2021.
- The investment supports BlackRock's objective to provide long-term revenue streams in a growing market.
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NEW YORK--(BUSINESS WIRE)--BlackRock Real Assets (“BlackRock”) today announced that it has completed the acquisition from GE Renewable Energy of the remaining 20 percent stake in Distributed Solar Development (“DSD”), a leading commercial and industrial (“C&I”) solar developer and operator in the United States. BlackRock Real Assets now owns 100 percent of DSD, expanding the platform’s footprint and investment pipeline in the fastest-growing renewables sector in the country.
The investment, made through BlackRock’s Global Renewable Power II Fund (“GRP II”), follows an initial investment in July 2019 in which the fund took an 80 percent stake in DSD. It allows for BlackRock to fund greater near-term growth in the platform, which starting in 2021 is expected to consistently deploy over 200 megawatts of renewable energy annually. Launched as a start-up within GE, DSD seeks to make solar more accessible to commercial, industrial and municipal organizations by providing a “one-stop shop” for large-scale, custom solar PV and energy storage solutions.
Martin Torres, Head of the Americas for the Renewable Power Group at BlackRock, said, “We are pleased to acquire the remaining interest in DSD and thank GE for their partnership on this venture. We look forward to continuing to work with the DSD management team to build on the company’s end-to-end capabilities and position as a leading C&I operator in the U.S., and deliver for our clients exposure to long-term, contracted revenues in a rapidly growing market aligned with the global energy transition.”
Erik Schiemann, CEO of DSD, said, “BlackRock has been a tremendous partner for the last 15 months and we are encouraged by their continued collaboration, confidence and investment in DSD. We are looking forward to the exciting times ahead of us over the coming years. We are also incredibly appreciative of GE’s support since our start in 2012 and hope to have future opportunities for collaboration.”
With this investment, GRP II, a
BlackRock Real Assets operates one of the largest renewable power equity investment platforms in the world with
About BlackRock
BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, our clients turn to us for the solutions they need when planning for their most important goals. As of September 30, 2020, the firm managed approximately
About BlackRock Real Assets
In today’s dynamic and complex global investing market, we seek to help our clients’ access real assets that could help meet their investment goals by providing a distinct range of well defined, outcome orientated strategies, along the investment risk-return spectrum.
Our dedicated teams of industry and sector specialists deliver global reach, with deep local expertise. They have decades of relevant experience, are deeply embedded in their operating industries by sector and geography and have developed strong partnership networks over time. BlackRock’s culture of risk management, knowledge sharing and investment discipline sets us apart and underpins all that we do. With over 390 professionals in 30 offices managing over US
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.
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