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NineDot Energy Announces $65 Million Equipment Financing
The transaction was led by First Citizens Bank, an expert in renewable energy finance NEW YORK--(BUSINESS WIRE)-- NineDot Energy®, the leading developer of
About this update from First Citizens Bancshares, Inc.
[{"type":"text","content":"\nThe transaction was led by First Citizens Bank, an expert in renewable energy finance\n\n\n NEW YORK--(BUSINESS WIRE)--\nNineDot Energy®, the leading developer of community-scale battery energy storage systems (BESS) in the New York City metro area, today announced the closing of a $65 million equipment financing transaction led by First Citizens Bank, a leader 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.\n\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250122977701/en/A NineDot Energy battery storage site in New York City. (Photo: NineDot Energy)\n“NineDot has made tremendous progress in providing battery energy storage to the New York City area,” said David Arfin, NineDot Energy CEO and Co-founder. “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.”\n\n\n“We’re excited to spearhead this equipment financing transaction for NineDot Energy,” said Mike Lorusso, group head for First Citizens Energy Finance. “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.”\n\n\nNineDot Energy is on track to meet its goal of having 400MW of battery storage in development, construction or operation by the end of 2026. The company currently has over 50 projects in some phase of development or operation in the New York City area, with additional projects in the pipeline. Based on Con Edison’s interconnection queue data, NineDot’s community battery storage development activity is second to none in ConEd’s New York territory.\n\n\nWith this transaction, NineDot’s total capital raised is over $500 million.\n\n\nContact NineDot at nine.energy/connect.\n\n\nAbout NineDot Energy\n\n\nNineDot Energy is the leading community-scale battery storage developer and operator in the New York City metropolitan region. We create innovative urban energy solutions that su...