General Electric is furthering its renewed commitment to the environment with its launching of a new solar business with BlackRock. GE has created a footprint in the industry over the past few years, aligning its goals with energy storage and renewable storage.
GE has also made many large-scale commitments at the corporate level surrounding distributed solar projects. The company announced today that its joint venture ship with the renewables investment firm, BlackRock Real Assets, will help them take their commitment a step further.
Previously, BlackRock has invested mostly in utility-scale renewables. The company has already put $5 billion of its capital towards 250 solar and wind projects. This year has seen BlackRock make new investments in distributed-scale solar projects, including a more recent investment with CleanCapital.
The new company formed between GE and BlackRock will be called Distributed Solar Development, and GE Renewable Energy will own 20 percent of the enterprise. BlackRock will own the remaining 80 percent. The venture will concentrate its efforts on industrial, commercial, and public-sector consumers.
The CEO of the new organization is Erik Schiemann. He noted that the collaboration will expand on both current and future project development work in distributed solar and storage projects.
“BlackRock’s investment further advances our growth in that platform, allows us to take on new markets, and allows us to double down in the markets we’re currently successful in,” Schiemann said.
Until now, GE hasn’t been able to claim ownership of its project development work. However, with BlackRock’s cash infusion, the new company will be active participants as owners of the assets, explained Schiemann.
Many in the industry expect the two companies to dominate the future of the solar industry.