GE Solar and BlackRock announced the creation of a new business, Distributed Solar Development (DSD), a GE Renewable Energy Venture. The company, which will be 80 percent owned by a fund managed by BlackRock Real Assets and 20 percent owned by GE Renewable Energy, will focus on solar and storage solutions for the commercial industrial and public sectors. The new business has been incubated in GE since 2012, operating under the name GE Solar. Additional financial details were not disclosed.
As a start-up incubated within GE, DSD has grown to over 60 employees who design, engineer, finance, operate and maintain solar and storage solutions for the commercial, industrial and public sectors. From its first installation in 2015 to today, DSD has developed 125 projects at the hands of a team with over 3GW of collective development experience.
BlackRock Real Assets operates a large renewable power equity investment platform with $5 billion invested in over 250 wind and solar projects globally, with a total generation capacity of over 5.2GW.