Dimension Renewable Energy, a community solar project developer, 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.
The portfolio comprises 28 solar projects located across New York, New Jersey, Virginia, and California and is expected to 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.”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.
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.”
According to Mercom’s 1H and Q2 2023 Solar Funding and M&A Report, the announced large-scale project funding in Q2 2023 reached $9.5 billion in 51 deals, a 79% increase QoQ compared to $5.3 billion raised in 62 deals in Q1 2023.
GreenYellow, a renewable energy project developer, recently secured €31 million (~$33.25 million) financing with Caisse d’Epargne CEPAC, acting as Mandated Arranger, and Natixis, acting as Cover Bank for the construction of 55 solar power plants totaling 32 MW in mainland France and the French overseas territories.