Global private markets firm Partners Group, on behalf of clients, has agreed to acquire a controlling equity stake in Dimension Renewable Energy (Dimension), a distributed energy platform focusing on community solar and battery storage across the US.
Dimension is focused on originating, developing, financing and operating community solar and battery storage facilities across the US and has developed a deep pipeline of over 180 projects totalling over 800 MWs of solar capacity, and over 800 MWhs of battery storage across eight states. Dimension’s projects will serve residential, commercial, and industrial subscribers from the local community where the projects are located. Partners Group will work closely with co-founders Rafael Dobrzynski and Sam Youneszadeh to grow Dimension into a more than USD1 billion platform and one of the largest community solar operators in the US.
Community solar benefits from several transformative trends driving the low-carbon transition, including the increasing environmental consciousness of consumers, a regulatory landscape facilitating the decentralisation of the power sector to improve reliability, and broadening access to the benefits of renewable energy to historically underserved consumers and households.
Todd Bright, Partner, Head Private Infrastructure Americas, Partners Group, says: “Dimension represents an excellent fit for our transformational investing strategy given the scope to grow the platform into a leading independent power producer that will build, own and operate solar projects, capturing the benefits of scale in the distributed generation space. The highly fragmented nature of the community solar market in the US, as well as Partners Group’s extensive experience building platform assets, allows for significant potential to add to Dimension’s organic pipeline through project-level M&A.”
Rafael Dobrzynski, Co-Founder, Chief Executive Officer, Dimension Renewable Energy, says: “Dimension is on a strong growth trajectory and we recognise that there is an even greater market opportunity to create an integrated developer, owner and operator of community solar projects in the US. We believe Partners Group’s focus on transformational investing, as well as the firm’s proven track record in renewable energy, significant resources, and operational expertise, make the firm the right partner for us as we expand the platform.”
Patrick Langan, Member of Management, Private Infrastructure Americas, Partners Group, adds: “Community solar is contributing to the low-carbon transition in the US, and Dimension creates broad, positive stakeholder impact by expanding access to clean, affordable energy for local residents and small businesses. We will work closely with Rafael, Sam, and the rest of the management team, to implement the value creation plan at Dimension, including growing the operating asset portfolio, expanding the team, and entering new community solar and battery storage markets.”
Since inception, Partners Group has invested in 20 energy transition assets globally, representing USD 23 billion in enterprise value.