Blackrock Real Assets-Backed DSD Renewables Raises $155M in First Solar ABS

New York-based DSD Renewables, who is backed by Blackrock Real Assets, has raised $155 million in debt financing for its first commercial and industrial (C&I) solar asset-backed securitization (ABS) that will help the company accelerate the deployment of renewable energy, including a significant community solar initiative.

Credit Suisse Securities underwrote the deal.

Solar asset-backed securities are a rising possibility for investors to deploy capital into renewable energy at scale by packaging assets originated by solar developers into different portfolios.

DSD’s ABS portfolio comprises about 56% onsite solar and 44% community solar projects spanning 11 states, including C&I and distributed generating projects, with off-takers benefiting from lower electricity costs and state solar incentive schemes.

The funding will be used to pay down current debt and support its business expansion in project origination and acquisitions.

DSD has raised more than $1.5bn to date to support its growth and speed solar project deployment. Every six to twelve months, DSD wants to issue asset-backed securities.