NineDot Energy, a developer of community-scale battery energy storage systems (BESS) in the New York City metro area, 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.

“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.”

“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.”

NineDot 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.

With this transaction, NineDot’s total capital raised is over $500 million.