Dimension Renewable Energy, a developer and operator of community solar projects, has closed on $237 million in financing to construct its 120 MWdc distributed generation portfolio.
The portfolio is made up of 28 solar projects located across California, New Jersey, and Virginia that will provide local energy to more than 12,000 residential and commercial customers. More than half of the portfolio is dedicated to serving low- and moderate-income households.
Silicon Valley Bank acted as the lead debt syndicator, and NT Solar and Advantage Capital were responsible for arranging the tax equity.
"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... [make] the benefits of solar energy accessible to all."
Community solar is a useful tool in progressing the transition to renewable energy and expanding renewable energy access by allowing utility customers to utilize solar energy without installing personal panels. Individuals subscribe to a share of the local community solar project and receive an energy credit on their utility bill each month.
In addition to delivering clean power to the grid, Dimension’s projects will also provide workforce development and education programs that bring capacity-building investments to local communities.