Dimension Renewable Energy closes $203M financing for 95-megawatt solar portfolio

Dimension’s 3.9 megawatt (MW) community solar project in Cortlandt, New York currently powers over 900 households in the Consolidated Edison service area. The financing announced today will bring local solar energy to an additional 12,000 customers across four states. (PRNewsfoto/Dimension Renewable Energy)

Dimension Renewable Energy recently announced the closing of a $203 million financing to support the construction of a 95-megawatt distributed generation portfolio.

Dimension is a portfolio investment of Partners Group, a leading global private markets firm, acting on behalf of its clients. Silicon Valley Bank acted as lead debt syndicator, with NT Solar and Advantage Capital arranging the tax equity.

The financing will bring local solar energy to an additional 10,000 customers across five states, including New Jersey. The portfolio comprises 24 solar projects located across New Jersey, California, New York, Pennsylvania and Virginia.

“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,” Rafael Dobrzynski, co-founder and CEO of Dimension, said. “Our strong capital position demonstrates Dimension’s leadership in building the country’s leading community solar (independent power producer), as we lead the way in making the benefits of solar energy accessible to all.”

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, head of project finance business development and innovation for Silicon Valley Bank, said: “We are pleased 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.”

Additional financing partners include ING and NBC as joint lead arranger and Cadence as a Lender. CohnReznick Capital acted as the exclusive financial adviser to Dimension. Stoel Rives acted as counsel for Dimension and Milbank acted as counsel for SVB and lenders.