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Dimension Energy, a major developer and operator of community solar projects, has finished building the largest third-party-owned community solar project in the U.S., located in Inyokern, California. The project will generate 44 megawatts (MW) of clean energy and supply power to a wide range of residential and commercial customers within Southern California Edison’s service area. More than 2,000 households, the Redwood Family Care Network (a supportive housing organization), municipal buildings in Long Beach and Corona, and commercial clients like AT&T and Crown Castle will benefit from this project.
Despite California’s ongoing challenges in creating a large-scale community solar program that is affordable and effective for residents, Dimension Energy has successfully secured more than $100 million in funding for the project. The deal, which was finalized at the end of 2023, includes several partners: Silicon Valley Bank (SVB), a division of First Citizens Bank, National Bank of Canada, Comerica, and NTSam Younes, Co-Founder & Chief Development Officer, Dimension Energy, said in a statement, “Dimension has an unparalleled understanding of community solar markets that allows us to recognize and seize opportunities that other people don’t see. We turned a struggling utility scale site into the largest community solar project in the country despite tremendous policy hurdles in the state by taking advantage of the niche Green Tariff Enhanced Community Renewables program. Aside from our Inyokern project, this program has been essentially non-functional.”
Solar. The project, covering 130 acres, will generate 44MW of community solar power, offering clean energy to thousands of households across Southern California, including in Corona and Long Beach. Partnerships with these cities have helped highlight the benefits of the project. Additionally, it will assist companies like AT&T and Crown Castle in meeting their renewable energy goals.
Patrick Schaufelberger, Senior Vice President of Project Finance at Dimension, expressed his views saying, “We’re grateful to our industry-leading financial partners for their commitment to community solar and their trust in our ability to execute on this unparalleled project. Inyokern is a unique project that required thoughtful underwriting that our fantastic partners were able to deliver on.”
Sayoji Goli, Managing Director for Silicon Valley Bank, mentioned, “SVB is excited to have led and structured Inyokern, the largest third-party-owned community solar development. This landmark project will create a renewable energy source to serve thousands of households and generate significant savings for subscribers. We are excited to continue to support Dimension and their ongoing efforts to expand access to clean energy for residents and businesses.”
“This marks the third investment in a Dimension portfolio by NT Solar, and the first investment by NT Solar’s NTCIC Renewable Investing Fund. Dimension’s commitment to developing solar projects that provide a host of community benefits along with their track record makes them an outstanding partner. Our joint work aligns with NT Solar’s mission to make tax equity investments in projects that provide affordable clean energy access and support the sustainability goals of our investor partners. We look forward to a continued partnership with the Dimension team,” stated Karin Berry, Managing Director of NT Solar.
Jason Kaplan, President of PowerMarket, also commented, “PowerMarket is proud to have delivered on the promise to Dimension of bringing meaningful and quality subscribers to the largest community solar project in California. We are thrilled to have brought key partners like the City of Long Beach, the City of Corona, and Redwood Family Care Network, ensuring the project’s success and maximizing its positive impact on communities across Southern California. We look forward to continuing to build on our strong relationship with Dimension for years to come.” |
