Dimension Energy, a developer, owner, and operator of community solar projects, has completed construction of the largest third-party-owned community solar project in the U.S. The installation in Inyokern, California, will produce 44 MW of power, serving a diverse group of residential and commercial customers in Southern California Edison’s service territory.
Among the beneficiaries are more than 2,000 households, supportive housing organization the Redwood Family Care Network, municipal facilities in the cities of Long Beach and Corona, and commercial offtakers including AT&T and Crown Castle. The project will generate $18 million in energy savings for residential and commercial subscribers, including renters who have never had access to solar energy before.
While California continues to struggle to develop a scalable community solar program that can serve residents affordably and effectively, Dimension secured more than $100 million in total project capital for the project. The deal includes partners Silicon Valley Bank (SVB), a division of First Citizens Bank, National Bank of Canada, Comerica, and NT Solar.
“Dimension has an unparalleled understanding of community solar markets that allows us to recognize and seize opportunities that other people don’t see,” said Sam Younes, co-founder and Chief Development Officer, Dimension Energy. “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.”
The project is located on a 130-acre site, and its 44 MW of community solar will provide access to clean solar generation for thousands of households across Southern California, including in the cities of Corona and Long Beach where partnerships with the municipalities have helped shine a spotlight on the opportunity. In addition, the project will enable AT&T and Crown Castle to realize their renewable energy commitments. Dimension hopes to see future community solar projects replace polluting peaker plants in historically impacted communities and provide even more support for community organizations like the Redwood Family Care Network.
As the largest non-utility owned U.S. community solar project, the Inyokern facility will deliver enough clean energy to eliminate 21,667 metric tons of greenhouse gas emissions annually (the equivalent of annual emissions from more than 4,700 cars) following activation later this year.
“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,” said Patrick Schaufelberger, senior vice president of Project Finance at Dimension. “Inyokern is a unique project that required thoughtful underwriting that our fantastic partners were able to deliver on.”
“SVB is excited to have led and structured Inyokern, the largest third-party-owned community solar development,” said Sayoji Goli, managing director for Silicon Valley Bank. “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,” said Karin Berry, managing director of NT Solar. “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.”
“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,” said Jason Kaplan, president of PowerMarket. “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.”
—POWER edited this content, which was contributed by Dimension Energy.
