US community solar project developer Dimension Renewable Energy has announced the closing of a US$237 million financing, which will support a 120MWdc distributed generation portfolio.
The portfolio consists of 28 solar projects located across New York State, New Jersey, Virginia, and California, with over half of the portfolio dedicated to serving low-and-moderate income households.
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“Our strong capital position demonstrates Dimension’s leadership in building the country’s leading community solar independent power producer, as we lead the way in making the benefits of solar energy accessible to all,” said Rafael Dobrzynski, co-founder and CEO of Dimension.
Silicon Valley Bank acted as lead debt syndicator, with NT Solar and Advantage Capital arranging the tax equity.
“Silicon Valley Bank is excited to support Dimension as they help to make clean energy affordable, accessible, equitable and flexible for residents and businesses,” said Bret Turner, head of project finance business development and innovation for Silicon Valley Bank.
Previously, PV Tech Premium examined the future of community solar in the US and how the Inflation Reduction Act (IRA) can help the sector. Leslie Elder, vice president of political and regulatory affairs at Summit Ridge Energy, said the act could change how the companies approached the project for the better.
“We are eagerly awaiting the final guidance for many of the provisions in the IRA, including domestic content, before we can properly evaluate de-risking opportunities available for our investments,” said Elder.
| Our publisher Solar Media is hosting the 10th Solar and Storage Finance USA conference, 7-8 November 2023 at the New Yorker Hotel, New York. Topics ranging from the Inflation Reduction Act to optimising asset revenues, the financing landscape in 2023 and much more will be discussed. See the official site for more details. |