SCHENECTADY – DSD Renewables (DSD) has received a $250 million strategic investment from Cox Enterprises, Inc. (Cox) to support DSD’s growth in providing solar energy to businesses.
This investment is Cox’s largest renewable energy investment to date and demonstrates Cox’s commitment to building a more sustainable future. Cox is increasingly focused on cleantech and renewable energy, with substantial investments and acquisitions across a range of sustainable technologies. Cox remains dedicated to making a positive and lasting environmental impact on the world by supporting leading businesses.
DSD is short for Distributed Solar Development. The company provides rooftop solar arrays for businesses and schools. Customers include Home Depot, Ikea, Harrah’s Casino Resort in Atlantic City, Rutgers University and San Bernardino School District in California.
The company was formerly known as GE Solar but rebranded to DSD Renewables in 2019.
“This significant investment from Cox marks a pivotal milestone for DSD, enabling our continued evolution to becoming an influential market leader,” said Erik Schiemann, CEO at DSD. “Our growth, initially fueled by BlackRock’s faith in us, now enters a new chapter with Cox that will advance our position as a cleantech leader and scale our business. This partnership is a testament to how far we’ve come and our unwavering commitment to accelerating renewable energy solutions deployment.”
“The management team at DSD has built an impressive business with a bright future,” said Will Thorburn, Cox Cleantech. “The way they are benefiting both business and the planet shows their ability to think innovatively and operate with purpose. We are looking forward to working with DSD to have an even larger impact in the years to come.”
BlackRock’s Climate Infrastructure business is currently and will remain the majority stakeholder in DSD, alongside Cox.
Since 2019, DSD has raised over $2 billion in project capital, developing and deploying over 600 MW of solar and storage projects across the nation. With an ever-growing pipeline of projects and an expanding channel-partner program, the investment from Cox will allow DSD to further solidify its place as a hub for the distributed renewable energy solutions industry.
“BlackRock believes strongly in DSD and the fundamental value proposition around making solar more accessible to organizations. Since we first invested in 2019, the growth of the opportunity has dramatically increased, and we are pleased to see global companies of Cox’s caliber investing in the space,” says David Giordano, Global Head of BlackRock Climate Infrastructure.
