New York Green Bank provides $25 million credit debt facility for energy storage
The credit facility will help fund NineDot Energy’s pipeline of battery storage projects in New York State, and is the first pure play energy storage transaction completed by NY Green Bank.
NineDot Energy, a New York developer of community-scale clean energy projects, close a new $25 million revolving credit debt facility provided by NY Green Bank (NYGB), a division of the New York State Energy Research and Development Authority (NYSERDA).
NineDot is expected to use the proceeds of this revolving credit facility to finance 14 battery storage projects and the company expects that number to grow to about 40 projects or more, each up to 5 MW. NineDot reports that a 5 MW battery site can power approximately 5000 New York City households for four hours on a hot summer day.
For NYGB, this transaction supports New York State’s Climate Leadership and Community Protection Act(CLCPA) goal to develop 3 GW of storage by 2030, on the path to developing a nation-leading 6 GW of energy storage. This facility is the first purely energy storage transaction completed by NYGB.
“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,” said David Arfin, CEO and co-founder of NineDot Energy.
NYGB president, Andrew Kessler sees this type of community-scale battery storage as critical to the state’s decarbonization efforts. “We look forward to seeing these projects operating in support of a resilient future for New York City,” he said.
Founded in 2015, NineDot Energy is based at the NYU Urban Future Lab in Brooklyn, New York and backed by Carlyle. To date, the company has secured more than $150 million to acquire, develop and operate battery storage sites across the New York City, Westchester County and Long Island. Its goal is to develop, build and operate more than 400 MW of clean energy sytems by the end of 2026 in New York state, supporting the state’s mission to achieve 100% clean energy by 2040.
