Sep 12, 2023

News provided by Share this article Share toX The portfolio of 28 community solar projects will provide local solar energy to more than 12,000 customers across four states, including low-and-moderate income households. ATLANTA, Sept. 11, 2023 /PRNewswire/ -- 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 12,000 customers across four states. (PRNewsfoto/Dimension Renewable Energy) 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. About Dimension Renewable Energy Dimension is a leading developer and operator of community solar solutions. For the communities in which we invest, our fleet of solar projects delivers clean energy, local jobs, tax revenue, and savings, alongside other benefits including workforce development and educational opportunities. We are a turnkey provider of these solutions: from site acquisition and development to construction and operation, we are a steady and reliable presence in our communities. About Silicon Valley Bank Silicon Valley Bank (SVB), a division of First Citizens Bank, is the bank of some of the world's most innovative companies and investors. SVB provides commercial and private banking to individuals and companies in the technology, life science and healthcare, private equity, venture capital and premium wine industries. SVB operates in centers of innovation throughout the United States, serving the unique needs of its dynamic clients with deep sector expertise, insights and connections. SVB's parent company, First Citizens BancShares, Inc., is a top 20 U.S. financial institution with more than $200 billion in assets. First-Citizens Bank & Trust Company, Member FDIC. Learn more at svb.com About NT Solar NT Solar, a subsidiary of the National Trust Community Investment Corporation, raises and manages solar investments that create meaningful community impact and cost-effective energy options nationwide. Since its inception in 2010, NT Solar has provided tax credit financing of over $500 million in capital for transactions nationwide, with a focus on the growing Community Solar market. Our varied network of partners and extensive experience in diligence and structuring provide our developers with competitive pricing and stable returns for our investors. About Advantage Capital Advantage Capital provides financing to established and emerging companies located in communities underserved by conventional sources of capital. Since 1992, the firm has invested more than $4.1 billion in companies from a diverse array of industry sectors and has helped support more than 66,000 jobs. Learn more at www.advantagecap.com or LinkedIn. About CohnReznick Capital CohnReznick Capital is a renewable energy investment bank providing industry-leading financial services to the sustainability sector. Since 2008, the firm has executed over 270 project and corporate transactions for renewable energy assets, valued at over $42.2 billion in aggregate. CohnReznick Capital is wholly committed to the clean energy transition and delivers innovative solutions to financial institutions, infrastructure funds, strategic participants (IPPs and utilities), and global clean energy developers. CohnReznick Capital helps clients break through the dynamic and evolving sustainability sector by simplifying project finance, M&A, capital raising, and special situations. To learn more, please visit https://www.cohnreznickcapital.com . Contact