ENERGY STORAGE

SolaREIT closes $13m in real estate financing for NineDot Energy

April 19, 2024

Solar and storage real estate investment company SolaREIT has closed $13 million in real estate financing for NineDot Energy battery energy storage (BESS) projects.

US-based NineDot Energy has a significant pipeline of projects throughout New York City, Westchester County and Long Island.  The deal is SolaREIT’s first stand-alone battery storage deal completed after the company announced the expansion of its clean energy real estate financing offering to storage developers.

SolaREIT, founded in 2020, offers land purchase, lease purchase and renewable land loans to clean energy developers in both the storage and solar industries.

“Battery storage is foundational to downstate New York’s energy transition – but to build out these sites, developers require significant capital from a variety of financial partners, ” said David Arfin, CEO and co-founder of NineDot Energy. “SolarREIT understood our business needs and tailored a product that supported our purchase of some sites for our battery storage projects.”

Laura Pagliarulo, president of SolaREIT, added: “We are delighted to work with NineDot Energy to support the development of community-scale BESS projects in the New York City metro area. Expansion of battery energy storage in urban areas is critical to stabilising the grid and bringing more renewables online. We are able to empower developers with the capital and financial flexibility they need, allowing them to focus on their core expertise –  creating impactful clean energy projects.”