The US’ Distributed Solar Development, a joint-venture between BlackRock and GE Renewable Energy, has raised $250m to fund solar projects through 2020.
Morgan Stanley, Silicon Valley Bank and Fifth Third Bank provided the finance.
Distributed Solar will use the funds to develop a portfolio of distributed solar generation projects in 2020.
“This transaction positions Distributed Solarfor significant growth over the next year as we work to meet growing demand from commercial and industrial clients for clean, renewable energy,” said company chief executive Erik Schiemann.
Distributed Solar was launched in 2012 as a GE start-up. It has since developed 125 solar projects with a combined 3GW capacity. Earlier this year, investment manager BlackRock bought an 80% stake in the company.