Dimension Energy Secures $857M Financing to Expand Distributed Solar Platform
Dimension Energy has secured $857 million in new capital to expand its distributed-solar portfolio. The financing includes a $200 million increase to Dimension’s corporate credit facility, bringing the total facility to $650 million. Nuveen Energy Infrastructure Credit and funds and accounts managed by HPS Investment Partners served as lead lenders.
A separate $657 million construction-to-term debt and tax-equity package will finance 29 solar projects totaling 149 megawatts across Illinois, New Jersey, New York, Pennsylvania and Virginia.
Advantage Capital provided the tax-equity investment, allowing Dimension to monetize federal incentives generated by the projects. MUFG Bank, First Citizens Bank, ING Capital and National Bank of Canada served as coordinating lead arrangers for the debt financing. Fifth Third Bank was joint lead arranger.
“These new commitments from our financing partners reflect the strength of our platform,” co-founder and CEO Rafael Dobrzynski said. “This capital will enable us to keep scaling with discipline and speed at a moment when demand for distributed power has never been higher.”
The transaction follows Dimension’s $650 million financing in April for 25 community-solar projects totaling 132 megawatts. That package included $415 million of debt and $235 million of tax equity.
Dimension owns more than 600 megawatts of distributed-energy assets operating or under construction and is targeting 1 gigawatt of operating capacity by 2028. The Atlanta-based company is owned by private-markets investment manager Partners Group.
Pictured: Dimension solar project in Illinois
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