Ninedot Energy
Revolving credit facility financing energy storge interconnection in New York City
$50M
NYGB capital committed ($million)
30,393
Estimated lifetime CO2e avoided (metric tons)
180
Estimated storage capacity (megawatts)
The Project
NineDot’s rapidly growing pipeline of standalone energy storage projects requires flexible capital to connect to the grid. To support this momentum, NY Green Bank (NYGB) doubled its existing commitment—upsizing its initial $25 million loan to $50 million. This senior-secured facility expands NYGB’s role as a provider of pre-NTP (Notice to Proceed) financing for standalone storage and helps accelerate the growth of New York City’s energy storage market.
Market Barriers and Solutions
Traditional lenders remain largely absent from the interconnection financing stage for energy storage projects, leaving developers with limited access to appropriately priced capital. As a result, developers are often rely on equity to fund interconnection activities—a costly option. NYGB’s senior-secured revolving credit facility addresses this market gap by providing flexible debt capital tailored to the interconnection process. By reducing reliance on equity at this stage, NYGB enables developers to preserve ownership and improve overall project economics. The $50 million upsize further enhances the facility’s potential to animate the market by creating a deal size more attractive to commercial lenders, helping to drive broader market participation.
“We’re excited, proud, and grateful that such a forward-looking institution saw the value in helping us achieve our vision. NY Green Bank is a smart, creative, and diligent partner willing to work with young companies doing innovative and important things.”
Transaction Details
- (Project Sponsor) NineDot Energy, LLC
- (Project Borrower) NineDot IX Borrower, LLC
- Product: Interconnection loan
- Date closed: June 2024
- Technologies: Energy storage
- Location: New York City
- End-use segment: Community distributed generation