July 18 (Renewables Now) - The real assets division of US investment manager BlackRock Inc (NYSE:BLK) will acquire a majority stake in a solar and storage solutions business owned by the renewables arm of General Electric Co (NYSE:GE).
More specifically, a fund managed by BlackRock Real Assets will take an 80% stake in a new business called Distributed Solar Development (DSD) that has been created from GE Solar. GE Renewable Energy will hold a 20% interest in the new venture.
DSD will design, engineer, finance, operate and maintain solar and storage systems for the commercial, industrial and public sectors. The business was incubated within GE and since 2015 has developed 125 projects. The team behind the start-up has more than 3 GW of collective development experience. At present, the business employs over 60 people.
“This investment will deepen our clients’ access to the tremendous growth potential in the U.S. solar industry,” commented David Giordano, Global Head of Renewable Power at BlackRock.