DSD Secures $40 Million Tax Equity Investment from U.S. Bank

SCHENECTADY, N.Y. (November 10, 2022) – DSD Renewables (DSD) has secured a $40 million tax equity investment from U.S. Bank to support its 2022 and 2023 build plans, enabling DSD to capture full tax attributes of its installed solar systems while delivering clean, renewable energy for customers.

The financing will fund a 45 MW portfolio consisting of a diverse mix of community solar, power purchase agreement (PPA), and feed-in-tariff projects. About half of the projects are located in New York, with the remaining projects scattered across Connecticut, Massachusetts, Maine, Maryland, Minnesota, New Jersey, and Virginia.

By the end of the year, DSD will have raised over $1.5 billion in funding to accelerate solar project deployment in 22 states across the nation.

“This tax equity investment will help DSD optimize value for many key projects under development and enable us to continue supporting the energy transition across the U.S.,” says Hannah McGovern, DSD’s Vice President of Structured Finance. “We are excited to be partnering with U.S. Bank and look forward to expanding our work together in the future.”

The tax equity financing represents DSD’s first transaction with U.S. Bank, which commits $1 billion annually to renewable energy investments and has set a goal to achieve net zero greenhouse gas emissions by 2050.

“We believe everyone has a role to play in creating a sustainable future and helping reduce the impacts of climate change,” said Colin Witherspoon, business development officer with U.S. Bancorp Community Development Corporation’s Environmental Finance team. “Investments like this are one way we can do our part and contribute to our own net zero goals, while supporting DSD and its work to expand access to clean energy.”

By the end of the year, DSD will have raised over $1.5 billion in funding to support its growth and accelerate solar project deployment in 22 states across the nation.

McDermott Will & Emery LLP served as counsel to DSD on the transaction.

About DSD Renewables

DSD Renewables (DSD) is transforming the way organizations harness clean energy while building a more sustainable future. With unparalleled capabilities including development, structured financing, project acquisition and long-term asset ownership, DSD accelerates the deployment of renewable energy resources and creates significant value for our commercial, industrial, and municipal customers and partners. Backed by world-leading financial partners like BlackRock Real Assets and rooted in our founding at GE, our team brings a distinct combination of ingenuity, rigor, and accountability to every project we manage, acquire, own, and maintain. To learn more, visit DSDRenewables.com and connect with us on LinkedInTwitter, and Facebook.

Media Contacts

Meghan Gainer
VP Marketing & Communications, DSD Renewables
Email Meghan
P. 518-369-3692

Christian Rizzo
Gregory FCA for DSD Renewables
Email Christian
P. 610-228-2134

Cassie Wagner
Vice President, Communications Manager, U.S. Bancorp Community Development Corporation
Email Cassie

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