NineDot Energy, a New York-based developer of community-scale clean energy projects, closed $25M revolving Credit Facility with NY Green Bank.
With this financing, NineDot Energy has secured more than $150M to acquire, develop and operate battery storage sites across the New York City boroughs, Westchester County and Long Island.
Led by CEO David Arfin, NineDot Energy creates urban energy solutions. It currently focuses on developing battery energy storage sites in the New York City metropolitan area while enabling solar systems and vehicle-to-grid (V2G) capabilities at many of future locations.
NineDot will use the proceeds of this revolving credit facility to finance the grid interconnection of energy storage projects in the New York City metro area. In the initial draws, fourteen NineDot battery storage sites will be covered by this facility, but that number is projected to grow to approximately forty projects or more, each up to five megawatts, in the coming years. In addition, a 5-megawatt battery site can provide enough energy to power approximately 5000 New York City households for four hours on a hot summer day.
The company is backed by the global investment firm Carlyle (NASDAQ: CG).
FinSMEs
20/07/2023