Dimension Energy, a community solar developer, owner, and operator, secured $360 million in construction and term financing to support the development of a portfolio of 28 community solar projects totaling 112 MWdc located in New Jersey, Illinois, Delaware, Virginia, Maine, and Pennsylvania.
First Citizens Bank acted as lead debt syndicator alongside ING, MUFG, National Bank of Canada, Siemens, Cadence, and Comerica. Advantage Capital provided $170 million in tax equity.
CRC-IB acted as the exclusive financial advisor to the company on the transaction.
According to the company, the development of the portfolio is expected to create at least 500 jobs.
“This financing milestone is a testament to Dimension’s experienced team and our proven track record of execution,” said Rafael Dobrzynski, Co-Founder and CEO of Dimension. “We are pleased to close another deal and continue our longstanding partnerships with First Citizens Bank and Advantage Capital, as well as ING, National Bank of Canada, Siemens, Cadence, and Comerica, and we’re thrilled to welcome MUFG into the fold.”
“We’re proud to deliver high-impact capital at scale and to support Dimension’s ambitious vision. This investment will strengthen local energy grids, create good-paying jobs, and expand access to lower-cost power in communities across the country. Dimension’s team brings deep expertise and a strong commitment to local impact—making them an ideal partner for building a more resilient energy future,” said Tom Bitting, Managing Director at Advantage Capital.
This transaction marks Dimension Energy’s third financial close this year, following the securing of $300 million in financing with Nuveen and Deutsche Bank, as well as the sale of $128 million in tax credits to a Fortune 500 company.
According to Mercom’s Q1 2025 Solar Funding and M&A report, funding for large-scale solar projects increased by 27% in Q1 2025 compared to Q1 2024.
Last week, Earthrise Energy, a renewable energy independent power producer, announced the closing of $630 million in tax equity and debt financing for its 260 MWac Gibson City solar project within Illinois’s MISO power market.
