BlackRock-backed solar business to be based in Schenectady
Green Energy

BlackRock-backed solar business to be based in Schenectady

  • Mohawk Harbor in Schenectady on Saturday, AUg. 11, 2018. Photo: Mike Goodwin/Times Union

    Mohawk Harbor in Schenectady on Saturday, AUg. 11, 2018.

    Mohawk Harbor in Schenectady on Saturday, AUg. 11, 2018.

    Photo: Mike Goodwin/Times Union

Photo: Mike Goodwin/Times Union

Mohawk Harbor in Schenectady on Saturday, AUg. 11, 2018.

Mohawk Harbor in Schenectady on Saturday, AUg. 11, 2018.

Photo: Mike Goodwin/Times Union

Schenectady

A solar startup launched by General Electric Co. and funded by BlackRock Inc. will be headquartered at Mohawk Harbor, according to the Schenectady Metroplex Development Authority.

Distributed Solar Development, which designs, builds, owns and operates distributed solar power generating plants, currently employs more than 60 people, according to GE Reports. DSD had its origins in 2012, when GE first launched its solar business.

BlackRock, with $6.8 trillion in assets under management, is taking an 80 percent stake in DSD, while GE will retain a 20 percent stake. Details of the agreement weren’t revealed.

“This investment will deepen our clients’ access to the tremendous growth potential in the U.S. solar industry,” David Giordano, global head of renewable power at BlackRock, told GE Reports. “DSD offers end-to-end in-house capabilities and a strong team of experts from across the commercial and industrial value chain.

Schenectady officials have high hopes for DSD.

“This leader in solar power could have located anywhere and we are very pleased to see DSD move its corporate headquarters to Mohawk Harbor,” said Schenectady Mayor Gary McCarthy.

Metroplex is providing a $90,000 grant to assist DSD on  its move to Mohawk Harbor this autumn.

DSD will offer use warehouse and logistics services from Distribution Unlimited, a unit of the Galesi Group, which also developed Mohawk Harbor.

David Buicko, Galesi’s CEO, called DSD a “great fit” for Mohawk Harbor, pointing out that it was built on a former brownfield site. “Now we have a leading green energy company locating its main office here,” he added.