SCHENECTADY — Distributed Solar Development has secured a $250 million fund to pay for distributed generation projects through 2020.
The deal is financed by Morgan Stanley, Silicon Valley Bank and Fifth Third Bank, and was announced Wednesday.
DSD was formed in Schenectady as a General Electric incubator company in 2012 and was known as GE Solar for the next seven years.
This past summer, it became Distributed Solar Development, a GE Renewable Energy Venture, as a fund managed by BlackRock Real Assets took an 80 percent ownership share. GE retains the other 20 percent. It moved its headquarters up Erie Boulevard to Mohawk Harbor and placed 13 of its 60-plus employees there.
DSD designs, engineers, finances, operates and maintains solar and storage solutions for the commercial, industrial and public sectors. Since its first installation in 2015, the company has developed 125 projects.