Dimension Energy, a developer, owner, and operator of distributed energy infrastructure, has secured $857 million in new capital to accelerate growth across its distributed solar portfolio.
The financing comprises a $200 million upsize of its corporate credit facility and a $657 million construction-to-term debt and tax equity package.
The corporate credit facility upsize brings Dimension’s total facility to $650 million, providing additional flexibility to move projects from development into construction.
The $657 million package will finance 29 distributed solar projects totaling 149 megawatts (MW) across Illinois, New Jersey, New York, Pennsylvania, and Virginia. Advantage Capital served as tax equity investor, with MUFG Bank, First Citizens Bank, ING Capital, and National Bank of Canada serving as Coordinating Lead Arrangers.
“Dimension has built a distributed solar platform with the execution discipline and portfolio quality that gives us confidence to scale alongside them,” said Don Dimitrievich, Global Head of Nuveen Energy Infrastructure Credit, in a statement.
The new commitments follow Dimension’s $650 million portfolio financing earlier this year and support the company’s goal of reaching 1 gigawatt (GW) of operating assets by 2028. Dimension currently owns more than 600 MW of distributed energy assets operating and under construction.
Dimitrievich continued, “With power demand accelerating and transmission and distribution costs rising alongside generation costs, distributed solar is well positioned to deliver reliable power closer to load.”
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