NineDot Energy, a developer of community-scale battery energy storage systems (BESS) in the New York City metro area, secured a $431 million debt financing led by Natixis Corporate & Investment Banking for the construction of 28 battery storage projects totaling 124 MW (megawatts) / 494 MWh (megawatt-hours).
“With this financing, NineDot has raised more than one billion dollars to bring community battery storage to the NYC metro area,” David Arfin, CEO and co-founder of NineDot Energy, said. “This milestone shows the commitment, understanding and urgency another leading financial institution sees in deploying batteries on the urban grid. Industry forecasters continue to sound the alarm about the inexorable increase in electricity usage, from the growth of electric transportation, to data centers, to changing weather patterns. By optimizing how we use energy and manage the grid, battery storage will play a critical part in meeting these demands.”
The $431 million financing comprises a construction-to-term loan facility, a tax-credit-transfer bridge loan and a letter-of-credit facility. NineDot is using this funding to support the construction and operation of a portfolio of 28 BESS projects expected to reach commercial operation on a rolling basis from now through the end of 2027.
“We’re exceedingly pleased to have worked with NineDot Energy on this impactful financing,” Jim Kaiser, head of infrastructure and energy, North America at Natixis, said. “Natixis CIB is an innovative financial institution, well-positioned to support the grid modernization that NineDot has accomplished here.”
