GE to sell 80% of solar business to BlackRock.

GE Solar and BlackRock created a new business, Distributed Solar Development, a GE Renewable Energy Venture. The company, which will be 80% owned by a fund managed by BlackRock Real Assets and 20% owned by GE Renewable Energy, will focus on solar and storage solutions for the commercial industrial and public sectors. The new business has been incubated in GE since 2012, operating under the name GE Solar. Additional financial details were not disclosed. “All we’ve accomplished as a small team to date has been working toward this moment, and I’m excited about what this transaction means for the next phase of our growth. Partnering with BlackRock, a leader in sustainable investment, provides the support we need to take the business to the next level and become the leader in commercial and industrial solar development.” Erik Schiemann, CEO of Distributed Solar Development.