Dimension Renewable Energy, a leading operator of community solar projects, closed a $203 million financing facility on Monday with Silicon Valley Bank (SVB) to support the construction of a 95-megawatt distributed generation portfolio. This financial boost is expected to accelerate the growth of community solar across the United States.
The portfolio consists of 24 solar projects scattered across five states: New York, New Jersey, Virginia, California, and Pennsylvania. The projects are anticipated to provide local solar energy to more than 10,000 residential and commercial customers. Notably, over half of the portfolio is dedicated to serving low- and moderate-income households.
Rafael Dobrzynski, Co-Founder and CEO of Dimension, expressed his pleasure in partnering with leading solar lenders and tax equity institutions. "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," he said.
Community solar is an essential tool for expanding renewable energy access. It allows 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. Additionally, Dimension's projects deliver workforce development and education programs that bring capacity-building investments to local communities.
SVB acted as the lead debt syndicator in this deal due to its expertise in community solar financing. Other partners included NT Solar and Advantage Capital for arranging the tax equity. Additional financing partners included ING and NBC as Joint Lead Arranger and Cadence as a Lender. CohnReznick Capital acted as the exclusive financial advisor to Dimension. This move underscores the company's commitment to making clean energy affordable, accessible, equitable, and flexible for residents and businesses.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.