SolaREIT, a real estate investment firm specializing in solar and storage properties, announced on Tuesday the successful closure of a USD 13 million (EUR 12.2 million) real estate financing deal for US-based community-scale battery energy storage systems (BESS) developer NineDot Energy. The funding aims to propel NineDot's projects in the New York City metro area.
This transaction marks SolaREIT's inaugural stand-alone BESS deal completed after the expansion of its clean energy real estate financing solutions to storage developers. The company, renowned for its expertise in purchase, lease purchase, and renewable land loans, seeks to support the growth of renewable energy infrastructure.
According to SolaREIT, the partnership with NineDot Energy underscores its commitment to fostering the development of sustainable energy solutions and accelerating the transition to clean energy in urban environments.
NineDot Energy, headquartered in Brooklyn, New York, recently secured USD 225 million in equity capital from Manulife Investment Management and Carlyle, signaling robust investor confidence in the company's vision and projects.
With a significant pipeline of projects spanning New York City, Westchester County, and Long Island, NineDot Energy is poised to make substantial contributions to the expansion of battery storage infrastructure in the region. Notably, many of its battery storage locations are strategically designed to incorporate solar systems and electric vehicle supply equipment (EVSE) options, further enhancing their sustainability and resilience.
