NineDot Energy secures $25m NYGB credit facility
US community-scale clean energy project developer NineDot Energy has closed a $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).
The financing will help fund NineDot Energy’s growing pipeline of battery storage projects being built in New York.
NineDot will use the proceeds from the credit facility to finance the grid interconnection of energy storage projects in the New York City metro area. In the initial draws, 14 NineDot battery storage sites will be covered by the facility, but that number is projected to grow to approximately 40 projects or more, each up to 5 megawatts, in the coming years.
David Arfin, NineDot Energy CEO and co-founder, said: “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. As we learned when we engaged with them previously, NY Green Bank is a smart, creative, and diligent partner willing to work with young companies doing innovative and important things.”