Distributed Solar Development (DSD) is selling off a large portfolio of assets as the company undergoes restructuring, according to several sources familiar with the situation.

The company has also recently laid off a large number of their workforce, said those same sources.

Multiple emails and calls made to DSD executives including the company’s CEO Erik Schiemann and CCO Dan O’Brien, were not returned.

NPM also reached out to DSD sponsor Ares Management, who declined to comment.

In 2022, Ares provided a USD 200m preferred equity investment to the Schenectady, NY-based developer. In March 2025, Ares entered into a consensual change-of-control agreement with DSD’s then majority shareholder Blackrock which allowed it to convert its preferred investment into common equity, while investing new capital into the business.

In August 2025, DSD closed on an additional USD 238m in long-term financing from First Citizens Bank, Mitsubishi UFJ Financial Group (MUFG), and Nomura to support 233 MW of operational distributed generation solar and solar plus storage projects in 12 states and the District of Columbia.

NPM interconnection queue data has identified 163 operational DSD projects in Massachusetts, Minnesota, New Jersey, New York, and Illinois. Project types include community solar, MUSH, C&I, carport, storage, and floating solar.

DSD originally spun out of General Electric with backing from Blackrock in mid-2019.