Foley Represents First Citizens Bank in $284M Financing for Dimension Energy

Foley & Lardner LLP represented First Citizens Bank as lead debt syndicator in Dimension Energy’s (Dimension) recent $284 million construction and tax equity bridge loan. The financing will support a 122 MWdc portfolio of 30 community solar projects across seven states.

The financing package also includes a structured equity investment from a preferred equity investor in a new joint venture with Dimension. These combined financing structures will support the development of community solar projects in Delaware, Illinois, Maine, New Jersey, New York, Pennsylvania, and Virginia. Dimension’s projects are expected to generate enough solar energy to power over 17,000 households.

Community solar projects provide power to the 45 percent of individuals who are unable to install solar panels on their homes or apartments. Dimension’s projects tap into existing infrastructure, generate power where it is needed, and provide low-cost, clean electricity to surrounding communities.

The Foley deal team was led by partner Tom Hoffmann and senior counsel Sunita Paknikar and included partners Jason Barglow and Sarah Slack, special counsel Erin Bartlett, senior counsel Justus Britt, and associates Amber Kolb, Judah Lieblich, and Sadie Olson.