NineDot Energy Upsizes Revolving Credit Facility to $50 Million
17 Julio 2024 - 8:40AM
Business Wire
Commitment from NY Green Bank doubled based on
NineDot’s demonstrated performance and advancement of New York’s
energy storage deployment
NineDot Energy®, the leading developer of community-scale
battery storage projects in the New York City metro area, today
announced the closing of an additional $25 million revolving credit
facility provided by NY Green Bank (NYGB), a division of
the New York State Energy Research and Development Authority
(NYSERDA). This facility extends and increases the early-stage
standalone storage financing completed by NYGB — announced one year
ago — to $50 million. For NineDot Energy, this financing will help
fund the Company’s growing pipeline of battery storage projects
being built which supports New York’s transition to cleaner, more
sustainable energy sources, and is consistent with NineDot’s goal
of having 400 megawatts (1600 megawatt hours) of battery storage in
development or operation by the end of 2026. For NYGB, this
transaction represents another step in its innovative financial
support for clean energy infrastructure.
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NineDot Energy battery site in the
Northeast Bronx (Photo: Business Wire)
“It’s been one year since we closed this first-of-its-kind
storage transaction executed by NY Green Bank,” said David
Arfin, NineDot Energy CEO and Co-founder. “Over the past year,
NineDot’s initial battery site (in the Bronx) became fully
operational, we’ve made substantial progress on the buildout of
more sites that we expect to reach commercial operation this year,
and our pipeline has continued to grow significantly. All of this
work is to help make New York cleaner and more sustainable. Having
the support of a dedicated public fund like NY Green Bank – which
understands the importance of catalyzing a new market — has been
critical in our ability to execute and grow.”
NineDot will use the proceeds of this upsized revolving credit
facility to finance more grid interconnections of energy storage
projects in the New York City region. The first NYGB facility with
NineDot surpassed initial impact estimates. It funded projects
totaling 113 megawatts (MW), compared to initial estimates of 55
MW. With this upsize, the facility is expected to support up to 180
MW of storage capacity, resulting in 1,520 MT CO2e (CO2
equivalents) in annual greenhouse gas (GHG) emission reductions and
over $500 million in project costs, in addition to making the local
grid more robust, accelerating the retirement of dirty peaker
plants and helping to integrate more clean energy onto the
grid.
A 5-megawatt battery site can provide enough energy to power
approximately 5000 New York City households for four hours on a hot
summer day, such as NineDot’s Bronx site recently did during New
York City’s June and July 2024 heat waves, the first of many
expected this summer.
“NY Green Bank is excited to continue to support NineDot’s
growth through the upsize and extension of this interconnection
deposit revolving credit facility,” said Kelsey Clair, Director
at NY Green Bank, who co-led the transaction. “This catalytic
financing at the pre-NTP phase, which covers essential activities
like project planning, permitting, and contract finalization, is
spurring multiples of invested capital on our contribution and
driving significant impact in a key growth area of energy storage,
while facilitating deployment of additional battery storage sites
in New York City.”
With this financing, NineDot Energy has secured over $400
million to acquire, develop and operate battery storage sites
across the New York City boroughs, Westchester County and Long
Island. NineDot’s first battery storage site is in the Northeast
Bronx, and many sites under construction will become operational in
the next twelve months, supporting a cleaner and more resilient
grid for the New York City community.
About NineDot Energy
NineDot Energy is the leading community-scale battery storage
developer and operator in the New York City metropolitan region. We
create innovative urban energy solutions that support a more
resilient grid, deliver economic savings, reduce carbon emissions,
and improve environmental equity. Many of our battery storage
locations are designed to include solar systems and electric
vehicle charging capabilities as well. NineDot Energy’s name
derives from the classic mathematical puzzle for sparking
out-of-the-box solutions. We are based in Brooklyn, New York at
NYU’s Urban Future Lab. Learn more at
nine.energy.
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Media Contact Karen Alter, 650-383-8552,
karen@nine.energy