Dimension Energy, a developer, owner and operator of distributed energy infrastructure, secured $857 million of additional capital to accelerate the growth of its distributed solar platform. The new capital comprises a $200 million upsize of the company’s corporate credit facility, with lead lenders being Nuveen Energy Infrastructure Credit and funds and accounts managed by HPS Investment Partners, together with a $657 million construction-to-term debt and tax equity financing package.
The upsized corporate facility brings Dimension’s total corporate credit facility to $650 million and provides additional flexibility to advance the company’s distributed solar pipeline, enabling projects to move efficiently from development into construction.
The $657 million financing will provide construction debt and tax equity financing for a portfolio of 29 distributed solar projects across Illinois, New Jersey, New York, Pennsylvania and Virginia, totaling 149 MW. Advantage Capital served as tax equity investor. The debt package was led by MUFG Bank, First Citizens Bank, ING Capital and National Bank of Canada, each serving as coordinating lead arrangers, with Fifth Third Bank as joint lead arranger.
Together, these financings build on Dimension’s strong momentum following the closing of a $650 million portfolio financing earlier this year and reflect its partners’ continued confidence in Dimension’s execution capabilities, financial strength and scale. The additional capital will support Dimension’s continued delivery of affordable, reliable clean power to communities across the country.
“These new commitments from our financing partners reflect the strength of our platform,” Rafael Dobrzynski, co-founder and CEO of Dimension Energy, 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.”
Don Dimitrievich, global head of Nuveen Energy Infrastructure Credit, added, “Dimension has built a distributed solar platform with the execution discipline and portfolio quality that gives us confidence to scale alongside them. 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. Upsizing our commitment reflects Nuveen Energy Infrastructure Credit’s continued conviction and confidence in Dimension’s ability to execute at scale, and we’re excited to keep supporting their growth given the market opportunity.”
Tom Bitting, managing director at Advantage Capital, said, “We’re pleased to partner with Dimension Energy as the company continues to scale its distributed solar platform. The Dimension team has built a strong track record of moving quality projects from development through construction. We’re proud to provide tax equity that supports that growth and helps bring reliable, affordable power to more communities across the country.”
Fred Zelaya, managing director at MUFG, added, “MUFG is pleased to support Dimension Energy’s latest solar portfolio, which will provide long-term sustainable energy to various communities across the U.S.”
