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Funding from NY Green Bank enables NineDot Energy to fund its expanding pipeline of battery storage projects in New York.
NineDot Energy closed a $25 million revolving credit debt facility that will help fund its growing pipeline of battery storage projects in New York. It also supports the company’s goal of installing 400 MW (1,600 MW hours) by the end of 2026.
NY Green Bank (NYGB), a division of the New York State Energy Research and Development Authority, provided the funding to NineDot Energy, a developer of community-scale clean-energy projects—it is the first purely energy storage transaction completed by NYG.
“We’re excited, proud and grateful that such a forward-looking institution saw the value in helping us achieve our vision,” said David Arfin, NineDot Energy CEO and Co-founder. “We believe that climate change is the most critical issue of our time, and innovators like NineDot and NY Green Bank can work together to make a positive impact on the environment and the society in which we live and work. As we learned when we engaged with them previously, NY Green Bank is a smart, creative, and diligent partner willing to work with young companies doing innovative and important things.”
NineDot will finance the grid interconnection of energy storage projects in the New York metro area. Initially, 14 NineDot battery storage sites will be covered by this facility, with an expected growth to approximately 40+ projects, each up to 5 MW, in the coming years. The 5-MW battery site could also provide enough energy to power approximately 5,000 households for four hours on a hot summer day.
“We are thrilled to complete this innovative financing transaction with NineDot Energy in support of community-scale battery storage that is critical to New York’s decarbonization efforts,” said Andrew Kessler, NY Green Bank’s President. “We look forward to seeing these projects operating in support of a resilient future for New York City.”
With this financing, NineDot Energy has secured more than $150 million to acquire, develop, and operate battery storage sites across the New York City boroughs, Westchester County, and Long Island.