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DSD Secures $75M in Tax Equity Financing from Bank of America
The capital will support the deployment of 61 MWs of C&I and community solar projects
SCHENECTADY, N.Y. — May 16 — DSD Renewables (DSD) has closed on $75 million in tax equity financing from Bank of America to support the company’s 2023 build plan – its pipeline of distributed generation solar projects to be built through 2023.
The tax equity raise will fund the development and deployment of 61 MWs of commercial and industrial (C&I) projects, as well as community solar and storage assets, across California, Connecticut, Illinois, New Jersey, New York, Massachusetts, Minnesota, Pennsylvania, and Washington D.C.
“This investment is key in enabling DSD to efficiently deploy approximately a quarter of the projects in our 2023 build plan,” says Hannah McGovern, DSD’s Vice President of Project Finance. “DSD develops projects that benefit a diverse set of offtakers. Many of our projects aim to qualify for the low-to-moderate income, energy community, and domestically produced incentives established by the Inflation Reduction Act. This financing will allow us to optimize the value for our customers and partners, while delivering low-cost, low-carbon energy solutions across the U.S.”
This financing will allow DSD to optimize the value for our customers and partners, while delivering low-cost, low-carbon energy solutions across the U.S.
This deal marks the second tax equity financing DSD has closed with Bank of America, one of the top renewable energy investors and lenders in the U.S. with a portfolio of approximately $13.5B as of December 31, 2022. Since 2015 Bank of America’s investments have contributed to approximately 41GW of installed renewable wind and solar energy capacity in the U.S. Through its sustainable finance goal, Bank of America has committed to mobilize and deploy $1.5 trillion in sustainable finance capital by 2030 to accelerate the transition to a low-carbon economy.
“Solar power is a source of clean, affordable electricity and job creation in communities across the U.S. This transaction supports the proliferation of commercial, industrial and community solar projects, and we’re proud to be delivering the financing solutions that this industry needs to continue growing,” said Omer Farooq, Managing Director in the Global Sustainable Finance Group at Bank of America.
Since spinning out of GE in 2019, DSD has completed five tax equity funding deals and raised over $1.8 billion to date, including the issuing of a first-of-its-kind asset-backed securitization.
About DSD Renewables
DSD Renewables (DSD) is a renewable energy solutions platform enabling a more sustainable future by deploying and operating renewable energy solutions, making solar, storage, and EV charging infrastructure more accessible to commercial, industrial, and municipal partners. With in-house expertise, a broad scope of capabilities, and the proprietary DSD Connect Platform, our team provides resources to industry partners and customers across the US, accelerating the deployment and scale of renewable energy to meet aggressive sustainability and net-zero goals. To learn more, visit DSDRenewables.com and connect with us on LinkedIn, Instagram, and Facebook.
About Bank of America
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 67 million consumer and small business clients with approximately 3,900 retail financial centers, approximately 16,000 ATMs and award-winning digital banking with approximately 56 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
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