BlackRock Real Assets and GE Solar have partnered to create a new business, Distributed Solar Development (DSD), the companies announced Wednesday.
The new company will focus on solar and storage solutions for the commercial industrial and public sectors, according to the companies. It will be 80 percent owned by a fund managed by BlackRock Real Assets and 20 percent owned by GE Renewable Energy.
“This investment will deepen our clients’ access to the tremendous growth potential in the U.S. solar industry,” said David Giordano, global head of renewable power at BlackRock. “DSD offers end-to-end in-house capabilities and a strong team of experts from across the commercial and industrial value chain.”
DSD is a start-up, incubated within GE. Since 2012 it has operated under the name GE Solar.
Since its first installation in 2015, DSD has developed 125 projects and has more than 3 gigawatts of collective development experience.
BlackRock operates one of the largest renewable power equity investment platforms in the world. It has $5 billion invested in more than 250 wind and solar projects across the globe, with a total generation capacity of over 5.2 gigawatts.
