PR Newswire
ATLANTA, Sept. 11, 2023
The portfolio of 24 community solar projects will provide local solar energy to more than 10,000 customers across five 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 $203 million financing to support the construction of a 95MWdc distributed generation portfolio. Dimension is a portfolio investment of Partners Group, a leading global private markets firm, acting on behalf of its clients. Silicon Valley Bank (SVB) acted as lead debt syndicator, with NT Solar and Advantage Capital arranging the tax equity.
The portfolio comprises 24 solar projects located across New York, New Jersey, Virginia, California, and Pennsylvania. Dimension's projects will provide local solar energy to more than 10,000 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."
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 pleased 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."
Additional financing partners include ING and NBC as Joint Lead Arranger and Cadence as a Lender. 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 Renewable Energy 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, the bank of the world's most innovative companies and investors, provides commercial banking services, expertise and insights to the technology, life science and healthcare, private equity, venture capital and premium wine industries. Silicon Valley Bank operates in centers of innovation around the world and is one of SVB's core businesses with SVB Capital, SVB Private and SVB Securities. With global commercial banking services, Silicon Valley Bank helps address the unique needs of its dynamic, fast-growing, innovative clients. Learn more at svb.com/industry-solutions/cleantech-and-sustainability.
About Partners Group
Partners Group is a leading global private markets firm. Since 1996, the firm has invested over USD 195 billion in private equity, private real estate, private debt, and private infrastructure on behalf of its clients globally. Partners Group seeks to generate strong returns through capitalizing on thematic growth trends and transforming attractive businesses and assets into market leaders. The firm is a committed, responsible investor and aims to create sustainable returns with lasting, positive impact for all its stakeholders. With USD 135 billion in assets under management as of 31 December 2022, Partners Group provides an innovative range of bespoke client solutions to institutional investors, sovereign wealth funds, family offices and private individuals globally. The firm employs more than 1,800 diverse professionals across 20 offices worldwide and has regional headquarters in Baar-Zug, Switzerland; Denver, USA; and Singapore. It has been listed on the SIX Swiss Exchange since 2006 (symbol: PGHN). For more information, please visit www.partnersgroup.com or follow us on LinkedIn or Twitter.
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
David Ganske
DG+ for Dimension Renewable Energy
(424) 209-2394
pr@dgplusdesign.com
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SOURCE Dimension Renewable Energy
