First Citizens Bank Serves as Co-Lead Arranger on $238 Million in Financing for National Portfolio of Distributed Generation Solar Assets

NEW YORK — July 30, 2025 — First Citizens Bank today announced that its Energy Finance business acted as co-lead arranger and administrative agent on $238 million in financing on behalf of DSD Renewables (DSD) for a large portfolio of distributed generation solar projects.

The DSD portfolio being financed consists of 188 distributed generation solar projects totaling 233 MW of generation capacity in 12 different states and the District of Columbia. Three of the projects are equipped with battery energy storage systems.

Joining First Citizens Bank as co-lead arrangers on the financing were Nomura and Mitsubishi UFJ Financial Group (MUFG).

DSD is a renewable energy solutions platform enabling a more sustainable future by deploying and operating renewable energy solutions, making solar, storage, and EV charging infrastructure more accessible to commercial, industrial, and municipal partners. 

“We are pleased to work with a financial partner like First Citizens Energy Finance group that understands the long-term value of distributed energy and the unique dynamics of project finance in our industry,” said Karin Logan, Chief Investment Officer of DSD. “Their expertise and flexible approach supports DSD’s deployment of clean energy solutions across the country.”

“We are proud to support DSD as they continue to lead the way in delivering scalable, sustainable energy solutions,” said Mike Lorusso, head of Energy Finance at First Citizens Bank. “Our team is committed to providing customized financing that helps clean energy innovators achieve their growth objectives and make a lasting impact.”

First Citizens Energy Finance leverages its deep industry knowledge and expertise to offer comprehensive financing solutions for renewable and conventional power generation. The unit manages a large, diverse portfolio that includes investments in all asset classes across the energy sector.

About First Citizens Bank

First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. Headquartered in Raleigh, N.C., First Citizens has built a unique legacy of strength, stability and long-term thinking that has spanned generations. First Citizens offers an array of general banking services including a network of branches and offices nationwide; commercial banking expertise delivering best-in-class lending, leasing and other financial services coast to coast; innovation banking serving businesses at every stage; and a nationwide direct bank. Parent company First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $200 billion in assets and a member of the Fortune 500™. Discover more at firstcitizens.com.

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MEDIA RELATIONS:

Ella Bristow
(212) 461-5322
Ella.Bristow@firstcitizens.com