Dimension Renewable Energy closed $237 million in financing for the construction of a 120-megawatt direct current distributed generation portfolio, the company said in a Sept. 11 press release.
The portfolio involves 28 solar projects scattered across the U.S. in New York, New Jersey, Virginia and California. Together, they will provide solar energy locally to more than 12,000 residential and commercial customers, including low- and moderate-income households.
“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,” said Rafael Dobrzynski, co-founder and CEO of Dimension. “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.”
First Citizens Bank’s Silicon Valley Bank (SVB) acted as lead debt syndicator and NT Solar and Advantage Capital arranged tax equity.
“We are thrilled to have led and structured Dimension’s inaugural project financing for this important portfolio of community solar projects for the company,” Bret Turner, head of project finance business development and innovation for Silicon Valley Bank, said. “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 adviser and Stoel Rives acted as counsel to Dimension. Milbank acted as counsel for SVB and lenders.
Dimension is a developer and operator of community solar projects and is a portfolio company Partners Group, a global private markets firm.
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