Distributed Solar Development secures $150 million revolving funding from Rabobank to support solar projects through 2022
SCHENECTADY, NY–(BUSINESS WIRE)–Distributed Solar Development (DSD) today announced that it has secured a two-year, $150 million construction revolver with Rabobank, a global food and agribusiness bank and leader in sustainability-focused banking, to fund its expanding pipeline of distributed generation solar projects in the commercial and industrial (C&I) market.
The Rabobank construction revolver’s flexible structure aligns strongly with the $300 million credit facility that DSD entered into with Credit Suisse in late January.
“This construction revolver provides a flexible rear lever solution that will allow us to continue to evolve as we strive to become an industry hub for the C&I market,” says Greg Fabso, Chief Financial Officer at DSD. “Our expertise and experience enable a truly one-stop solution for origination, development, financing and management.”
The Revolver incorporates multiple tax equity partnerships and will provide capital throughout DSD’s business cycle, including an equipment supply sub-limit.
“Rabobank was delighted to organize and structure this facility for the DSD team,” says Claus Hertel, Managing Director, Project Finance at Rabobank. “Distributed generation in the C&I space is becoming increasingly relevant and we are excited to support a leading developer with strong growth ambitions in the US.”
About Distributed Solar Development
Distributed Solar Development (DSD) is transforming the way organizations harness clean energy. With unparalleled capabilities, including development, structured finance, project acquisition and long-term asset ownership, DSD creates significant value for our commercial, industrial and municipal customers and partners. Backed by leading financial partners like BlackRock Real Assets and rooted in our foundation at GE with a legacy of more than 120 years of innovation, our team brings a distinct combination of ingenuity, rigor and accountability to every project we we manage, acquire, own and maintain. To learn more, visit dsdrenewables.com. Join us on LinkedIn and Twitter.
About Rabobank Group
Rabobank Group is a global financial services leader providing wholesale and retail banking, leasing and real estate services in 38 countries around the world. Founded more than a century ago, Rabobank is today one of the largest banks in the world with over $765 billion in assets. In the Americas, Rabobank is a leading bank for the food and agricultural industry, as well as a major project financier of solar, wind, bioenergy and energy infrastructure projects, providing deep knowledge and expertise as well as the complete organization, underwriting and syndication capabilities. Rabobank has financed more than 6 GW of renewable energy projects to date and is dedicated to supporting the financing of energy transition and new clean technologies. Additional information is available on our website or on our social media platforms, including Twitter and LinkedIn.