Dimension Energy has raised a $150 million financing facility from Deutsche Bank
It will help advance the company’s solar PV project pipeline of over 2 GW in 12 US states
It will boost the company’s plans to invest $3 billion over the next 5 years to expand the portfolio
US-based community solar and battery storage developer and operator Dimension Energy has closed a $150 million corporate credit facility with Germany’s Deutsche Bank to support a project pipeline of over 2 GW currently under development in 12 US states.
For Deutsche Bank, this is its 1st pre-NTP (notice to proceed) investment in community solar in the US.
An independent power producer (IPP), Dimension called it a key facility to support its portfolio expansion. It will be available as revolving credit, in the form of cash and letters of credit, furthering the deployment of the facilities.
The company uses existing infrastructure to generate power close to the source of consumption with its community solar projects, providing low-cost electricity to surrounding communities.
Recently, Dimension announced its plans to invest $3 billion over the next 5 years to have more than 500 MW of operating community solar assets by the end of 2025. Its current operating portfolio represents $1.1 billion of invested capital. The company has more than 200 MW under construction in 8 US states.
“This facility will be key to supporting Dimension’s efforts to invest $3 billion over the next five years by financing a significant portion of our near-term development and pre-construction activities,” said Dimension Energy CFO Ryan Liddell.
In Q2 2024, the US community solar market had its lowest quarter of installed capacity since Q3 2022, thanks majorly to interconnection delays. However, the US Solar Market Insight Q3 2024 report believes that stakeholders in this space are pegging their hopes on the $7 billion Solar for All funding (see US Solar PV Installations Grew 9.4 GW During Q2 2024).