GE Solar and BlackRock announced the formation of a new commercial enterprise distributed solar development company, 80% of which will be owned by BlackRock Real Assets and 20% owned by GE Renewable Energy. The new business will enable GE to focus on solar and storage solutions for commercial industrial and public sectors. Since 2012, distributed solar development projects have been invented at GE and operated under the name GE Solar. Other financial details were not disclosed.Steel Profile Suppliers
Erik Schiemann, CEO of Distributed Solar Development, said, “So far, our achievements as a small team have been working hard to achieve this goal, and I am very happy with what this transaction means for our next phase of growth. Working with sustainable investment leader BlackRock to provide the support we need to take our business to the next level and become a leader in commercial and industrial solar development.”
As a start-up within GE, DSD has grown to more than 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 in teams with more than 3 GW of collective development experience.
David Giordano, Global Head of Renewable Energy at BlackRock, said, “This investment will deepen customers’ understanding of the huge growth potential of the US solar industry. steel c profile manufacturer DSD provides end-to-end internal capabilities and a strong team of experts from commercial and industrial value chains. We look forward to Work with the DSD team to take advantage of the growth opportunities that represent the growing interest of customers in renewable energy.”
BlackRock Real Assets operates one of the world’s largest renewable energy equity investment platforms, investing $5 billion in more than 250 wind and solar projects worldwide, with a total generating capacity of more than 5.2 GW.