US community solar project developer Dimension Energy has upsized its corporate credit facility to US$300 million.
The facility will allow the company to support a 3.5GW community solar development pipeline. The initial close of the credit facility was unveiled in September 2024, with Deutsche Bank providing a US$150 million credit facility at the time.
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The increase of the corporate credit facility, from US$150 million to US$300 million, was co-led by Deutsche Bank and financial entity Nuveen Energy Infrastructure Credit.
Currently, Dimension Energy is developing community solar projects across 13 different US states and expects to reach 800MW of PV projects in pre-construction or operational by the end of 2025. Last year, the company announced a US$3 billion investment plan over the next five years aiming to reach 500MW of operational capacity by the end of 2025.
Ryan Liddell, CFO at Dimension Energy, said: “This expanded facility will finance a significant portion of Dimension’s near-term development and pre-construction activities.”
Record year for community solar
This increased credit facility comes as the community solar sector saw its best year in 2024. US community solar added a record 1.7GW in 2024, a 35% increase from the previous year, according to a report from Wood Mackenzie and trade body the Coalition for Community Solar Access (CCSA). The cumulative installed community solar at the end of 2024 sat at 8.6GW.
New York, Maine and Illinois accounted for over two-thirds of the installed community solar capacity in 2024, with all three states registering record annual installations. On the heels of a strong 2024, this year started with positive news for the community solar sector too. Two states, Iowa and Missouri, made legislative progress to establish community solar programmes and the sector as a whole is expected to add 7.9GW of new capacity by 2029.
