Dimension Energy, a community solar project developer, secured a $284 million construction and tax equity bridge loan to develop and construct a 122 MWdc distributed generation solar portfolio from First Citizens Bank, alongside ING, National Bank of Canada, Comerica, Cadence, Denham, and Siemens.
First Citizens Bank also acted as the lead debt syndicator. Dimension Energy closed on a structured equity investment from HASI in a new project joint venture.
The portfolio comprises 30 community solar projects across seven states, including Delaware, Illinois, Maine, New Jersey, New York, Pennsylvania, and Virginia. The company states that the projects will supply enough clean electricity to power over 17,000 households.
CRC-IB acted as the financial advisor, and Stoel Rives served as counsel for Dimension Energy on the transaction. Foley and Lardner acted as counsel for First Citizens Bank and lenders.
“Dimension’s focus on making clean energy projects accessible to everyone completely aligns with our purpose as a climate-positive investor,” said Daniela Shapiro, Senior Managing Director of HASI. “We are thrilled to join them in this joint venture, and we look forward to a long and productive partnership.”
Last year, in September, Dimension Energy secured $237 million in financing for constructing a 120 MW 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.
According to Mercom’s 9M and Q3 2024 Solar Funding and M&A report, large-scale project funding in 9M 2024 totaled $34.3 billion in 180 deals, up from $27.5 billion in 169 deals in 9M 2023.
Earlier this month, Enfinity Global, a renewable energy project developer, announced the closing of €165 million (~$173.84 million) in financing to develop a portfolio of three utility-scale solar projects totaling 147 MW in Italy’s Lazio region.
