Dimension Renewable Energy Secures $237 Million Financing for 120 MWdc Community Solar Portfolio Across Four States
Dimension Renewable Energy, a leading developer and operator of community solar projects, has successfully secured a significant financing deal to support the construction of a 120 MWdc distributed generation portfolio. This portfolio comprises 28 solar projects located across New York, New Jersey, Virginia, and California, aiming to provide local solar energy to more than 12,000 residential and commercial customers, with over half of the portfolio dedicated to serving low-and-moderate income households.
The financing, totaling $237 million, was led by Silicon Valley Bank (SVB), a division of First Citizens Bank, acting as the lead debt syndicator. NT Solar and Advantage Capital arranged the tax equity for this transaction. This collaboration underscores Dimension’s strong capital position and its leadership in building the country’s leading community solar independent power producer (IPP).
Rafael Dobrzynski, Co-Founder and CEO of Dimension, expressed his satisfaction with the partnership, stating, “We are pleased to partner with leading solar lenders and tax equity institutions as we accelerate the growth of community solar across the United States. Our strong capital position demonstrates Dimension’s leadership in building the country’s leading community solar IPP, as we lead the way in making the benefits of solar energy accessible to all.”
Dimension’s projects are designed to deliver clean energy, local jobs, tax revenue, and savings to the communities they serve, alongside other benefits including workforce development and educational opportunities. The company’s focus on community solar is crucial for expanding renewable energy access, allowing utility customers to adopt solar energy without installing panels at home. Households and small businesses can subscribe to a share of a local community solar project and receive energy-saving credits on their utility bill every month.
The financing partners tailored a capital structure best suited to Dimension’s unique portfolio of assets. SVB’s expertise in community solar financing made it an ideal partner for Dimension on this portfolio. Bret Turner, Head of Project Finance Business Development and Innovation for Silicon Valley Bank, noted, “We are thrilled to have led and structured Dimension’s inaugural project financing for this important portfolio of community solar projects for the company. Silicon Valley Bank is excited to support Dimension as they help to make clean energy affordable, accessible, equitable, and flexible for residents and businesses.”
CohnReznick Capital acted as the exclusive financial advisor to Dimension, while Stoel Rives acted as counsel for Dimension and Milbank acted as counsel for SVB and lenders. This transaction highlights Dimension’s commitment to making solar energy accessible to all, particularly low-and-moderate income households, and its role in leading the growth of community solar across the United States.
Dimension Renewable Energy is a portfolio company of Partners Group, a leading global private markets firm, acting on behalf of its clients. The company fits within Partners Group’s global thematic focus on investments within the decarbonization sector. This financing deal underscores Dimension’s strategic position in the renewable energy market and its dedication to expanding clean energy access nationwide.
The collaboration with NT Solar, a subsidiary of the National Trust Community Investment Corporation, and Advantage Capital, a firm that provides financing to established and emerging companies in underserved communities, further emphasizes Dimension’s commitment to creating meaningful community impact and cost-effective energy options. This partnership is a significant step forward in Dimension’s mission to provide clean energy solutions to communities from coast to coast.
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