NineDot Energy who are the leading developer of community-scale battery energy storage systems (BESS) in the New York City metro area, today made an announcement on a $431 million debt funding led by Natixis Corporate & Investment Banking for the construction of 28 battery storage projects totaling 124 MW (megawatts) / 494 MWh (megawatt-hours) . The NineDot Energy Debt Funding will be utilized to the develop project that will have the capacity to power more than 100,000 City households during peak hours on a hot summer day. These battery storage projects will join energy projects like Cider Solar Farm in bolstering New York’s power capacity.

Additionally, these projects are part of NineDot’s 60+ project pipeline. Also, they are in addition to the Company’s NYC projects which are already in operation.

“With this financing, NineDot has raised more than one billion dollars to bring community battery storage to the NYC metro area,” said David Arfin, NineDot Energy CEO and Co-founder. “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.”

Details of the Financing

The $431 million financing involves a construction-to-term loan facility, a tax-credit-transfer bridge loan. Also, it entails a letter-of-credit facility. NineDot is utilizing this finamcing to support the construction and operation of a portfolio of 28 BESS projects. These projects will attain commercial operation on a rolling basis from now through the end of 2027. Furthermore, all of these projects help make the electric grid cleaner, more resilient and more affordable.

Also, the construction teams that build and the maintenance groups that support these BESS projects are from New York. They include a wide range of skilled contractors and other specialists. NineDot approximates that this portfolio and other BESS under development by NineDot will create over 3,000 direct and indirect jobs. This represents a total economic output of about $3.5 billion over the lifetime of the projects. This is in addition to the energy and affordability improvements that BESS delivers.

The Projects Included in New York’s “Statewide Solar for All” (S-SFA)

All of these projects stand as part New York’s “Statewide Solar for All” (S-SFA) energy affordability program (which includes battery storage). This is an innovative initiative that generates funds for households that needs assistance to settle their energy bills. Projects enrolled in the S-SFA program will contribute a percentage of revenues (generated from energy exports to the grid) to an S-SFA savings pool that is distributed yearly to utility customers in energy affordability programs who also reside in a disadvantaged community. These households will automatically receive credit on their energy bills from this program beginning in 2026. Also, NineDot approximates that the Company’s currently enrolled S-SFA projects, including the 28 supported by this funding, will contribute more than $60 million to this savings pool during the coming decade.

“We’re exceedingly pleased to have worked with NineDot Energy on this impactful financing,” said Jim Kaiser, Head of Infrastructure and Energy, North America at Natixis CIB. “Natixis CIB is an innovative financial institution, well-positioned to support the grid modernization that NineDot has accomplished here.”

Significance of BESS Projects

BESS can cut reliance on high-emissions “peaker” plants, outdated facilities which have been found to cause asthma and other illnesses. Additionally, BESS will assist in maximizing the use of carbon-free, intermittent sources of energy such as solar and wind.

NineDot Energy is on track to achieve its goal of having 400 MW of battery storage in operation, construction or development by the end of 2026. The company currently has seven operating projects at four locations in Staten Island and The Bronx, and NineDot anticipates additional projects coming online in the coming months throughout New York City, in time to support the community during the summer of 2026. Based on public interconnection queue data, NineDot’s portfolio of mature community battery storage projects is second to none in ConEd’s New York territory.

Factsheet

New debt funding: $431 million led by Natixis Corporate & Investment Banking.

Project count: 28 battery storage projects.

Total capacity: 124 MW (megawatts) / 494 MWh (megawatt-hours).

Operational timeline: Projects will reach commercial operation on a rolling basis from now through the end of 2027.

Job creation: Estimated to create over 3,000 direct and indirect jobs.