Dimension Energy announced it has secured its largest construction and term financing, $650 million, to support a 132MW portfolio of 25 community solar projects in Pennsylvania, New York, New Jersey and Illinois.
First Citizens Bank, Mitsubishi UFJ Financial Group, Inc. (MUFG), ING Capital LLC, and National Bank of Canada provided $415 million in debt financing, joined by first-time Dimension partner Franklin Park, which contributed $235 million in tax equity.
“Our largest project financing to-date is a testament to Dimension’s track record and the critical role distributed generation plays in solving America’s energy crisis,” said Rafael Dobrzynski, Co-Founder and CEO of Dimension Energy. “We’re thrilled to welcome Franklin Park as a new partner and to continue our strong relationships with First Citizens Bank, MUFG, ING and National Bank of Canada.”
The value proposition of community solar continues to grow as U.S. electric prices reach historic highs. Community solar projects provide subscribers with immediate savings on their utility bills and generate power close to where it is used, minimizing the need for costly long-distance transmission infrastructure. Dimension’s projects are frequently developed and brought online in as little as 18 months.
“Dimension Energy is a leader in delivering clean power through their community solar projects across the U.S.,” said Mike Lorusso, Group Head of Energy Finance at First Citizens Bank. “Our team is committed to delivering tailored financing to help clean energy innovators achieve their growth objectives. We are excited to continue our long-standing relationship with Dimension Energy by providing financing to support this latest portfolio of projects.”
“MUFG is pleased to have acted as a coordinating lead arranger (CLA) for the successful closing of Dimension Energy’s latest landmark project. Distributed power generation—and community solar in particular—is a growing segment of the renewable energy market that plays a vital role in meeting U.S. energy needs and enables the participation of a wide range of community members. We look forward to continuing to support Dimension’s ambitious growth in the industry,” said Fred Zelaya, Managing Director – Project Finance, MUFG.
“We are proud to have supported Dimension across multiple financings over several years, and to continue that partnership with the successful closing of this most recent transaction,” said Nada Elreedy, Director Renewables & Power, ING Capital LLC. “Dimension’s ability to deliver high-quality portfolios across markets has positioned them as a well-established leader in the sector, and we are pleased to continue supporting their growth through our ongoing relationship”
“National Bank of Canada is proud to support Dimension Energy on its most recent community solar portfolio,” said John Hunt, Managing Director, Project Finance at National Bank of Canada. “Building on our long-term partnership with Dimension, this financing underscores our commitment to promoting sustainable development by actively supporting our clients across the renewable energy sector.”
“Franklin Park is proud to partner with Dimension Energy on this portfolio of community solar projects,” said Neil McQueen, Vice President, Franklin Park Infrastructure. “Dimension is a leader in solar development and operations, and their proven platform makes them an ideal partner for us as we increase our investments in distributed clean energy assets.”
This transaction underscores Dimension Energy’s continued ability to scale high-impact community solar through strong capital partnerships and disciplined execution. With this financing, Dimension advances its mission to deliver affordable, locally generated clean energy while expanding access to reliable infrastructure across key U.S. markets.
CG/ CRC-IB acted as the exclusive financial advisor to Dimension. Stoel Rives LLP served as counsel for Dimension, Foley & Lardner LLP served as counsel for the lender group, and McDermott Will & Schulte served as counsel for Franklin Park. Enertis Applus + acted as the independent technical advisor for the projects.