NineDot Energy, one of the leading developers of community-accessible clean energy projects in the New York City region, has secured an $85 million loan for 11 new projects in The Bronx, Staten Island, Queens, and Long Island. The funding supports the completion of battery storage facilities that will provide sources of redundant, clean energy to existing grid infrastructure during peak demand, which helps avoid costly outages and unexpected service interruptions.
Funding was provided by CIT, a power and energy-focused division of Citizens Bank, and SMBC, a global banking and financial services company headquartered in Japan.
“Just about four months ago, we unveiled our first-of-its-kind battery storage site in the Bronx,” said NineDot Energy CEO and co-founder David Arfin. “With this [project financing], we will accelerate the growth of our community energy pipeline and implementation, bringing the benefits of distributed, local battery storage solutions to the broadest range of organizations and communities in the New York City region.”
Over the past several years, NineDot Energy has launched a number of clean and renewable energy projects in the outer boroughs, Long Island, and Westchester.
Aerial rendering of a battery storage project in Staten Island – NineDot Energy
Ongoing projects include a development in The Bronx that will create the first battery energy storage facility in the borough, a solar canopy for renewable energy generation, and infrastructure for electric vehicle charging stations. Similar storage projects are in the works for Staten Island and Suffolk County, Long Island.
These projects support New York State’s clean energy goal to reduce greenhouse gas emissions 40 percent by 2030 and no less than 85 percent by 2050. New York governor Kathy Hochul also introduced an initiative to double the state’s 2030 energy storage capabilities from 3 gigawatts (GW) to 6 GW.
More locally, New York City agencies aim to achieve a 100-percent reliance on carbon-free sources of electricity by 2040 and a net-zero carbon economy by 2050.
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