Dimension Renewable Energy Closes $237 Million Financing Facility with Silicon Valley Bank for Construction of 95-Megawatt Solar Portfolio

Dimension Renewable Energy (Dimension), a leading developer and operator of community solar projects, has announced the closing of a $237 million financing to support the construction of a 120 MWdc distributed generation portfolio. Silicon Valley Bank (SVB), a division of First Citizens Bank, acted as lead debt syndicator, with NT Solar and Advantage Capital arranging the tax equity.

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 10,000 customers across five states.

The portfolio comprises 28 solar projects located across New York, New Jersey, Virginia, and California. Dimension's projects will provide local solar energy to more than 12,000 residential and commercial customers, with over half of the portfolio dedicated to serving 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."

Dimension is a portfolio company of Partners Group, a leading global private markets firm, acting on behalf of its clients. Dimension fits within Partners Group's global thematic focus on investments within the decarbonization sector.

Community solar is an important regulatory tool for expanding renewable energy access by allowing 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. Dimension's projects also deliver workforce development and education programs that bring capacity-building investments to local communities.

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 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."

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.

Dimension Renewable Energy | https://www.dimension-energy.com/

Silicon Valley Bank | https://www.svb.com/

Partners Group | www.partnersgroup.com

NT Solar | http://nt.solar/

Advantage Capital | www.advantagecap.com

CohnReznick Capital | https://www.cohnreznickcapital.com