Dimension Renewable Energy, a leading developer and operator of community solar projects, has successfully closed $237 million in financing to support the construction of a 120-MW DC distributed generation portfolio. The funding will enable Dimension to embark on the development of 28 solar energy projects across New York, New Jersey, Virginia, and California, with the aim of providing local solar energy to over 12,000 residential and commercial customers.

Silicon Valley Bank (SVB), a division of First Citizens Bank, served as the lead debt syndicator in this significant financing round, while NT Solar and Advantage Capital played a crucial role in arranging tax equity. The partnership between Dimension and these esteemed financial institutions demonstrates their commitment to expanding access to renewable energy in communities across the United States.

Dimension’s ambitious portfolio primarily focuses on serving low- and moderate-income households, with over half of the projects dedicated to providing clean energy solutions for this underserved segment. By facilitating community solar, Dimension allows utility customers who may not have the capacity to install solar panels at home to benefit from solar energy.

Community solar is an essential regulatory tool that empowers individuals and businesses to adopt solar energy without incurring the cost of installing panels on their premises. By subscribing to a share of a local community solar project, households and small businesses receive energy-saving credits on their utility bill every month. Beyond providing clean energy, Dimension’s projects go a step further by incorporating workforce development and education programs, contributing to local community progress.

Dimension’s unique portfolio of solar assets attracted the attention of Partners Group, a prominent global private markets firm, who invested in the company as part of its portfolio. This investment, made on behalf of its clients, demonstrates Partners Group’s commitment to supporting sustainable projects that benefit communities while generating favorable returns.

Considering the specific capital requirements of Dimension’s community solar projects, the expertise of Silicon Valley Bank (SVB) proved invaluable. SVB’s extensive knowledge of community solar financing made them the ideal partner for Dimension in this milestone initiative. Bret Turner, head of project finance business development and innovation at Silicon Valley Bank, expressed enthusiasm for supporting Dimension’s goal of making clean energy affordable, accessible, equitable, and flexible for residents and businesses alike.

Throughout the financing process, Dimension received exclusive financial advisory services from CohnReznick Capital, while Stoel Rives and Milbank served as counsel for Dimension and SVB, respectively.

The successful closure of this substantial financing round underlines Dimension’s commitment to advancing renewable energy accessibility and sustainability. By funding the construction of their solar portfolio, Dimension will continue to lead the way in making clean energy a practical reality for communities across the United States.

Disclaimer: The information provided in this research report is for informational purposes only and should not be interpreted as financial or investment advice. The energy market is highly volatile, and readers should conduct thorough research before making any investment decisions.