DSD Renewables (DSD) has secured a $40 million tax equity investment from US Bank to support construction plans in 2022 and 2023.
The financing will fund a 45 MW portfolio consisting of a combination of community solar, power purchase agreements and feed-in-tariff projects. About half of the projects are located in New York, with the remaining projects scattered across Connecticut, 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.
“This tax equity investment will help DSD optimize value for several key projects under development and enable us to continue supporting the energy transition across the US,” said Hannah McGovern, VP of structured DSD finance. “We are excited to partner with US Bank and look forward to expanding our work together in the future.”
The tax equity financing represents DSD’s first US Bank transaction, which commits $1 billion annually to renewable energy investments and sets a goal of achieving net zero greenhouse gas emissions by 2050.
McDermott Will & Emery LLP served as DSD’s advisor on the transaction.
