GE sells solar-business stake to Blackrock, media

General Electric Co. agreed to sell a majority stake in a solar-energy business to investment company Blackrock Inc.

According to news agency »Bloomberg«, a fund managed by Blackrock’s Real Assets unit will own 80 percent of Distributed Solar Development, a new company created from GE Solar. Financial terms were not disclosed.

GE Solar focuses on solar and storage solutions for the commercial industrial and public sectors, says the article. GE had explored solar-panel manufacturing but sold its technology to First Solar Inc. in 2013. Blackrock’s Real Assets unit, which has more than $50 billion in client commitments, started its renewable-power platform in 2012.