Dimension Renewable Energy, a developer and operator of community solar projects, has closed $237 million in financing to support the construction of a 120-MW DC distributed generation portfolio. Silicon Valley Bank (SVB), a division of First Citizens Bank, acted as lead debt syndicator, with NT Solar and Advantage Capital arranging the tax equity.
The portfolio comprises 28 solar projects located across New York, New Jersey, Virginia, and California. The projects will 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.
“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,” says Rafael Dobrzynski, co-founder and CEO of Dimension.
Community solar is an important regulatory tool for expanding renewable energy access by 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. Dimension’s projects also deliver workforce development and education programs that bring capacity-building investments to local communities.
Dimension is a portfolio investment of Partners Group, a global private markets firm, acting on behalf of its clients. Dimension and its financing partners tailored a capital structure best suited to its unique portfolio of assets. With its expertise in community solar financing, SVB was the ideal partner for Dimension on this portfolio.
Bret Turner, Silicon Valley Bank, head of project finance business development and innovation, notes: “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. Stoel Rives acted as counsel for Dimension and Milbank acted as counsel for SVB and lenders.