Support large private equity firm to obtain controlling equity stake in a community solar outfit

To support its energy transition goals, our client pursued the purchase of Dimension Renewable Energy (Dimension)– a community solar developer and operator, where solar arrays of around 5 MW to 10 MW are built and customers can subscribe to get a bill credit for their share of the produced clean energy. CRA’s Energy strategy consultants provided diligence support on various areas including projected portfolio revenues, risks around the interconnection process, and the expected regulatory landscape.

We deployed our in-house energy, capacity, and renewable energy credits models to estimate the portfolio revenues over time. At the time, Dimension had a more than 600-MW pipeline of community solar and energy storage projects spread across New York, New Jersey, California, Pennsylvania, Virginia, and Wisconsin.

The CRA team also reviewed and analyzed potential risks for the portfolio produced by the evolving regulatory environment. Details related to expected subsidies realized from the established or expected state renewable programs were reviewed and analyzed. CRA’s energy storage model was utilized to evaluate the value of Dimension’s energy storage portfolio. Areas such as interconnection, timing to achieve Notice to Proceed, and community solar customer composition were also analyzed by the CRA team.

Our support resulted in the successful acquisition of a controlling stake by Partners Group (Partners). Partners will aim to grow Dimension into an independent power producer (IPP) as Todd Bright, head of private infrastructure in the Americas, indicated in an interview with publication Mergermarket.

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