The U.S. distributed energy developer has secured $857 million, including $657 million to finance 149 MW of solar projects spread across five states.
Dimension Energy, a developer, owner, and operator of distributed energy infrastructure based in Atlanta, announced it has secured $857 million in additional capital to accelerate the growth of its distributed solar platform. The amount comprises a $200 million upsize of its corporate credit facility and a $657 million construction-to-term debt and tax equity financing package. The move comes as the distributed solar sector expands rapidly across the United States, as illustrated by SEG Solar, which recently opened its second solar module plant in the country.
The $200 million upsize brings Dimension Energy’s total corporate credit facility to $650 million, according to the company. Nuveen Energy Infrastructure Credit and funds managed by HPS Investment Partners are among the lead lenders on the transaction. The additional flexibility is meant to help the company advance its distributed solar pipeline into construction.
The $657 million financing covers a portfolio of 29 distributed solar projects totaling 149 megawatts (MW), spread across Illinois, New Jersey, New York, Pennsylvania, and Virginia. Advantage Capital served as the tax equity investor on the transaction. The debt package was led by MUFG Bank, First Citizens Bank, ING Capital, and National Bank of Canada, each acting as Coordinating Lead Arranger, alongside Fifth Third Bank as Joint Lead Arranger. Similar construction-to-term debt structures are appearing in other solar markets, as shown by Scatec’s start of construction on a 120 MW solar plant in Tunisia.
These financings build on the closing of a $650 million portfolio financing earlier this year, according to Dimension Energy. The company says it currently owns more than 600 MW of distributed energy assets operating or under construction. The additional capital is meant to support the company’s path toward one gigawatt of operating assets by 2028.
Rafael Dobrzynski, co-founder and chief executive officer of Dimension Energy, said the new commitments from financing partners reflect the strength of the company’s platform. Don Dimitrievich, global head of Nuveen Energy Infrastructure Credit, noted that accelerating power demand and rising transmission and distribution costs are reinforcing the case for distributed solar to deliver reliable power closer to load. Tom Bitting, managing director at Advantage Capital, and Fred Zelaya, managing director at MUFG, also praised the execution quality of Dimension Energy’s project portfolio.
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