Dimension Renewable Energy (Dimension), a leading turnkey provider of community solar solutions, announced the closing of a $237 million financing to support the construction of a 120-MWdc distributed generation portfolio comprising 28 solar projects across New York, Virginia, New Jersey and California.
These projects will supply solar energy to more than 12,000 local residential and commercial customers, among which over half of the capacity is targeted to serve low- and moderate-income (LMI) households.
Silicon Valley Bank (SVB), a division of First Citizens Bank, acted as lead debt syndicator for this deal, with NT Solar and Advantage Capital arranging the tax equity.
"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 Renewable Energy.
"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."
SVB has extensive expertise in community solar financing. Bret Turner, Head of Project Finance Business Development and Innovation for Silicon Valley Bank, said, "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."
Dimension is a portfolio company of Partners Group, a leading global private markets firm. Dimension fits within Partners Group's global, strategic focus on investments within the decarbonization sector.
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.