Dimension Energy has raised $857m in additional capital to accelerate the expansion of its distributed solar operations in the US. The investment includes a $200m increase to Dimension Energy's corporate credit facility, led by Nuveen Energy Infrastructure Credit and funds and accounts managed by HPS Investment Partners. The upsizing brings Dimension Energy's total corporate credit facility to $650m.
It provides the company with further flexibility to advance its pipeline of distributed solar projects and move developments into the construction phase. A further $657m in construction-to-term debt and tax equity financing has also been secured to support the buildout of 29 solar projects across New York, Illinois, Pennsylvania, New Jersey and Virginia. The combined capacity of these projects is 149MW.
Advantage Capital acted as tax equity investor, with the debt package coordinated primarily by First Citizens Bank, ING Capital, MUFG Bank and the National Bank of Canada. Fifth Third Bank participated as joint lead arranger. Dimension Energy co-founder and CEO Rafael Dobrzynski said: "These new commitments from our financing partners reflect the strength of our platform.
This capital will enable us to keep scaling with discipline and speed at a moment when demand for distributed power has never been higher." Nuveen Energy Infrastructure Credit global head Don Dimitrievich said: "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 are excited to keep supporting their growth given the market opportunity." The recent funding follows portfolio financing of $650m concluded earlier in the year. Dimension Energy currently holds more than 600MW of distributed energy assets that are either operating or under construction.
The company expects the new capital to support its goal of reaching 1GW of operating assets by 2028. "Dimension Energy raises $857m for US distributed solar portfolio" was originally created and published by Power Technology, a GlobalData owned brand.
Extract — continue reading at the source.
