NineDot Energy, a developer of community-scale clean energy projects, closed an additional $25 million revolving credit debt facility provided by NY Green Bank, a New York State Energy Research and Development Authority division.
The facility extends and increases the early-stage standalone storage financing completed by NY Green Bank last year to $50 million. The company has stated that it has secured over $400 million in total to acquire, develop, and operate battery storage sites across the New York City boroughs, Westchester County, and Long Island.
NineDot Energy will use the proceeds of this upsized revolving credit facility to finance additional grid interconnections of energy storage projects in the New York City region.
According to the company, the initial credit-facility-funded projects total 113 MW. This additional funding is expected to support up to 180 MW of storage capacity, helping accelerate the retirement of aging peaker plants and integrating cleaner energy into the grid.
“It’s been one year since we closed this first-of-its-kind storage transaction executed by NY Green Bank. 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 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.” said David Arfin, NineDot Energy CEO and Co-founder.
According to Mercom’s recently released 1H and Q2 2024 Funding and M&A report for Storage and Grid, debt and public market financing for Energy Storage companies in 1H 2024 came to $13 billion in 16 deals, a 294% increase year-over-year compared to $3.3 billion in 16 deals in 1H 2023.
esVolta, a large-scale energy storage project developer, recently closed a $185 million senior secured credit facility. The credit facility will provide additional development capital to secure obligations relating to interconnection, power purchase agreements (PPA), equipment deposits, and early pre-NTP construction funding for its 20+ GWh pipeline energy storage projects across the U.S.
