Entanglement distribution via photons over long distances enables many applications, including quantum key distribution, which provides unprecedented privacy. The inevitable degradation of entanglement through noise accumulated over long distances remains one of the key challenges in this area. Exploiting the potential of higher-dimensional entangled photons promises to address this challenge, but poses extreme demands on the experimental implementation. Here, we present a long-range free-space quantum link, distributing entanglement over 10.2 km with flexible dimensionality of encoding by deploying a phase-stable nonlocal Franson interferometer. With this distribution of multidimensional energy-time entangled photons, we analyze the achievable key rate in a dimensionally adaptive quantum key distribution protocol that can be optimized with respect to any environmental noise conditions. Our approach enables and emphasizes the power of high-dimensional entanglement for quantum communi-cation, yielding a positive asymptotic key rate well into the dawn of the day.