Foley Represents First Citizens Bank in $360M Financing for Dimension Energy

Foley & Lardner LLP represented First Citizens Bank as lead debt syndicator in Dimension Energy’s (Dimension) recent $360 million construction and term financing, the company’s largest to date. The financing will support a 112 MWdc portfolio of 28 community solar projects located in New Jersey, Illinois, Delaware, Virginia, Maine, and Pennsylvania.

The transaction included participation from ING, MUFG, National Bank of Canada, Siemens, Cadence, and Comerica, with Advantage Capital providing $170 million in tax equity. The portfolio of community solar projects will create at least 500 jobs and support workforce development programs ranging from high school through mid-career, expanding pathways to well-paying local careers in solar and related trades.

Community solar projects provide power to more than 50 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 team was led by partner Natalie Neals and senior counsel Sunita Paknikar and included partners Jason Barglow and Sarah Slack, of counsel Thomas Mullooly, senior counsel Justus Britt, and associates Amelia Dahl, Judah Lieblich, and Sadie Olson.