Clean energy solutions provider DSD Renewables announced today a $250 million strategic investment from broadband, automotive, and media company Cox Enterprises, aimed at supporting DSD’s growth as accelerate its renewable energy deployment.
Founded within GE in 2012 as GE Solar, and rebranded as DSD Renewables in 2019, Schenectady, New York-based DSD provides a “one-stop shop” for custom, large-scale commercial, industrial & municipal clean energy solutions, with services ranging from evaluation and permitting to design, engineering and installation for custom, large-scale commercial, industrial and municipal renewable energy projects. Since 2019, DSD has raised over $2 billion in project capital, developing and deploying over 600 MW of solar and storage projects across the U.S.
The company formed a partnership with BlackRock Real Assets in 2019, with BlackRock becoming a majority investor in DSD. BlackRock will maintain the majority stakeholder following the investment.
Erik Schiemann, CEO at DSD said:
“This significant investment from Cox marks a pivotal milestone for DSD, enabling our continued evolution to becoming an influential market leader. Our growth, initially fueled by BlackRock’s faith in us, now enters a new chapter with Cox that will advance our position as a cleantech leader and scale our business.”
The investment is Cox’s largest renewable energy investment to date with the company noting that the transaction reflects its increasing focus on cleantech and renewable energy.
Will Thorburn, AVP, Strategy and Investments at Cox Enterprises, said:
“The management team at DSD has built an impressive business with a bright future. The way they are benefiting both business and the planet shows their ability to think innovatively and operate with purpose. We are looking forward to working with DSD to have an even larger impact in the years to come.”
David Giordano, Global Head of BlackRock Climate Infrastructure added:
“BlackRock believes strongly in DSD and the fundamental value proposition around making solar more accessible to organizations. Since we first invested in 2019, the growth of the opportunity has dramatically increased, and we are pleased to see global companies of Cox’s caliber investing in the space.”