Orrick Secures $85 Million Tax Equity Financing for Distributed Solar Development

Orrick represented Distributed Solar Development (DSD), the distributed energy developer and owner operator backed by BlackRock Real Assets, on securing $85 million in tax equity financing from Bank of America to finance one of its portfolios in the community solar and commercial and industrial space, which includes a large number of solar assets participating in the NYSERDA’s Value of Distributed Energy Resources program. This is the third major financing Orrick has represented DSD on in the past 12 months – we previously advised DSD on closing a $300 million warehouse term debt facility from Credit Suisse and a $150 million construction warehouse facility from Rabobank. The Bank of America financing will enable DSD to further develop its renewable energy capabilities and facilitate its continued expansion in the commercial, industrial and municipal solar markets.

We regularly advise renewable energy clients on navigating the legal and regulatory complexities of utility-scale and distributed solar transactions. The Orrick team advising DSD on this financing was led by Louise Gibbons and included Wolfram Pohl, Devin Canavan and Jason Warrington.