Natixis Corporate & Investment Banking acts as Sole Lead Arranger and Bookrunner for NineDot Energy in $431 Million Financing of 28 Battery Energy Storage Systems Portfolio in New York City
Natixis Corporate & Investment Banking (Natixis CIB) is pleased to announce the closing of $431 million in construction financing to support the portfolio of twenty-eight (28) battery storage system (“BESS”) assets being developed and constructed across New York City by NineDot Energy. This debt financing will support the construction of an aggregate capacity of 124 MW (494 MWh), which will play a critical role in enhancing the reliability and sustainability of New York City’s electric grid.
NineDot Energy is the leading developer of community-scale battery storage systems in the New York City area based on the Con Edison interconnection queue which spans The Bronx, Brooklyn, Queens and Staten Island as well as Westchester County.
The $431 million financing comprises a construction / term loan facility, a tax-credit-transfer bridge loan, and a letter-of-credit facility, structured to address the unique requirements of NineDot's 28-asset portfolio covered by this transaction.
"This $431 million construction financing package demonstrates the strength of our development pipeline and represents a significant milestone in bringing these BESS projects to fruition,” said David Arfin, CEO and Co-founder, NineDot Energy. “We value Natixis CIB's partnership in structuring an innovative financing solution that continues our mission to help the New York City metro area grid become cleaner, healthier, safer and more affordable, while supporting our continued growth as a leading BESS developer in NYC.”
"We’re grateful to NineDot for entrusting us with this bespoke, high-quality financing, which supports the construction of these essential storage assets," said Jim Kaiser, Head of Infrastructure and Energy, North America at Natixis CIB. "We look forward to further supporting NineDot with innovative capital solutions to meet their financing needs.”
