NineDot Energy, a developer of community-scale clean energy projects, closed a $25 million revolving credit debt facility provided by NY Green Bank, a division of the New York State Energy Research and Development Authority.
This financing will enable NineDot Energy to build more battery storage projects that support New York’s shift to greener energy sources. This aligns with NineDot’s aim of installing 400 megawatts (1600 megawatt hours) by the end of 2026. In the initial draws, 14 NineDot battery storage sites will be covered by this facility, but that number is projected to grow to approximately 40 projects or more, each up to five 5 megawatts, in the coming years.
“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,” said David Arfin, NineDot Energy CEO and Co-founder.
According to the company, with this financing, NineDot Energy has secured over $150 million to acquire, develop and operate battery storage sites across the New York City boroughs, Westchester County and Long Island. The company’s first battery storage site is in the Northeast Bronx, and many sites under construction are expected to be operational in the next twelve months.
As per Mercom’s recently released 1H And Q2 2023 Funding and M&A Report for Storage & Smart Grid, Announced debt and public market financing activity in the first half of 2023 ($3.3 billion in 16 deals) was lower compared to the first half of 2022 when $12.8 billion was raised in 12 deals.