NineDot Energy Upsizes Revolving Credit Facility to $50 Million
Summary
This facility extends and increases the early-stage standalone storage financing completed by NYGB announced one year ago to $50 million. View the full release here: https://www.businesswire.com/news/home/20240717216120/en/Its beenone year since we closed this first-of-its-kind storage transaction executed by NY Green Bank, said David Arfin, NineDot Energy CEO and Co-founder. Having the support of a dedicated public fund like NY Green Bank which understands the importance of catalyzing a new market has been critical in our ability to execute and grow.NineDot will use the proceeds of this upsized revolving credit facility to finance more grid interconnections of energy storage projects in the New York City region. With this upsize, the facility is expected to support up to 180 MW of storage capacity, resulting in 1,520 MT CO2e (CO2 equivalents) in annual greenhouse gas (GHG) emission reductions and over $500 million in project costs, in addition to making the local grid more robust, accelerating the retirement of dirty peaker plants and helping to integrate more clean energy onto the grid.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, such as NineDots Bronx site recently did during New York Citys June and July 2024 heat waves, the first of many expected this summer.NY Green Bank is excited to continue to support NineDots growth through the upsize and extension of this interconnection deposit revolving credit facility, said Kelsey Clair, Director at NY Green Bank, who co-led the transaction. We create innovative urban energy solutions that support a more resilient grid, deliver economic savings, reduce carbon emissions, and improve environmental equity.