Orrick Advises BlackRock’s Distributed Solar Development on a US$300 Million Debt Facility

April.20.2021

Orrick represented Distributed Solar Development (DSD), BlackRock Real Assets’ solar development platform, in connection with the closing of a US$300 million debt facility from Credit Suisse. The debt facility will be used to finance a broad range of distributed generation and community solar assets. The facility provides a flexible back leverage solution, which includes structuring features to allow for a potential securitization take-out.

DSD’s Director of Structured Finance, Jamie Hutson, commented, “This facility provides a flexible back leverage solution that allows DSD to focus on originating and developing assets, rather than ongoing financing. It provides the kind of flexibility an innovative developer requires and helps fulfill our vision for making distributed solar energy more widely available.”

The debt facility will support DSD’s anticipated growth and enable its expansion into the distributed generation market. The US$300 million financing commitment by Credit Suisse illustrates the rapid ascendancy of renewable energy in the U.S. energy generation mix and the role of lenders in financing the transition.

We advise industry participants on all aspects of solar project finance, including tax equity and debt financing, in connection with utility and distributed generation solar projects, providing our clients with multifaceted solutions in the renewable energy space. The team advising Distributed Solar Development was led by E&I partner Louise Gibbons and included Lorraine McGowen, Matt Shellenhamer, and Trudie Makens.