July.06.2021
Orrick represented Distributed Solar Development (DSD), the distributed energy developer and owner operator backed by BlackRock Real Assets, in connection with securing a two-year, US$150 million construction revolving credit facility with multinational bank Rabobank. The construction revolver provides a flexible portfolio solution to finance and scale DSD’s distributed generation solar pipeline in the commercial and industrial space (C&I). The revolver will fund DSD’s construction needs throughout the two-year term, with a flexible funding structure that aligns with the US$300 million back-leverage debt facility DSD secured from Credit Suisse in January 2021.
The construction loan compliments DSD’s goal to become an industry leader in the C&I market for distributed energy. Backed by major partners and investors, DSD has raised more than US$750M in project funding to finance its pipeline of projects under development and offers its clients a “one-stop solution” for solar projects from origination and development to financing, ownership and management.
Orrick regularly advises renewable energy clients on complex financings in the commercial and industrial market. The team advising DSD was led by John Donaleski and included Lisa Magged, Xiaowan Mao and Namratha Minupuri.