NineDot Energy, a developer of community-scale battery energy storage systems in the New York City metro area, closed a $65 million equipment financing transaction led by First Citizens Bank, a company in renewable energy finance. This financing supports the purchase of nearly 100 Megawatts (MW) / 400 Megawatt hours (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,” David Arfin, co-founder and CEO of NineDot Energy, said. “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.”
“We’re excited to spearhead this equipment financing transaction for NineDot Energy,” Mike Lorusso, group head for First Citizens Energy Finance, said. “As a leader in renewable energy finance, we are committed to supporting companies delivering clean energy solutions for dense urban areas, and no one is doing that better than NineDot.”
With this transaction, NineDot’s total capital raised is over $500 million.
