NineDot Energy, a developer of community-scale energy storage projects, closed a $65 million equipment financing transaction. Renewable energy finance provider First Citizens Bank led the funding.
With this funding, the company plans to purchase nearly 100 MW/400 MWh of batteries for use in up to 20 battery storage projects across the New York City metro area.
“NineDot has made tremendous progress in providing battery energy storage to the New York City area. For New York to achieve its sustainability goals, we know that battery storage is a critical enabler. First Citizens Bank understands this need and opportunity well, and we’re thrilled to have them provide this equipment financing that affirms NineDot’s vision and execution capability.” said David Arfin, NineDot Energy CEO and Co-founder.
The company said it is on track to achieve its goal of 400MW of battery storage across development, construction, and operation by the end of 2026. It currently has over 50 projects in various stages of development or operation in the New York City area, with more in the pipeline.
With this transaction, NineDot has raised over $500 million in total capital.
Last year, the company closed an additional $25 million revolving credit debt facility provided by NY Green Bank, a New York State Energy Research and Development Authority division.
According to Mercom’s Annual and Q4 2024 Funding and M&A Report for Energy Storage and Smart Grid announced debt and public market financing for Energy Storage companies in 2024 increased 65% year-over-year, with $16.2 billion in 32 deals compared to $9.8 billion in 34 deals in 2023.
In November, Jupiter Power, a utility-scale energy storage project developer, secured a $225 million corporate credit facility that includes up to $175 million in letters of credit and $50 million in revolving loans. This transaction was led by Barclays Bank PLC, HSBC Bank USA, and Sumitomo Mitsui Banking Corporation on the lender side, serving as Coordinating Lead Arrangers.
