NineDot Energy Raises $225 Million in Equity Financing to Build and Operate Distributed Battery Energy Storage Projects


-World investor Manulife Funding Administration offers capital to help NineDot’s continued development and pipeline execution -Carlyle commits extra capital to NineDot, following an preliminary funding from December 2021

NineDot Power®, the main developer of community-scale battery vitality storage programs (BESS) within the New York Metropolis metropolitan space, in the present day introduced that it has secured a further $225 million fairness capital dedication from Manulife Funding Administration in addition to Carlyle (NASDAQ : CG ), NineDot’s present institutional fairness investor. Manulife Funding Administration led the spherical with a $135 million dedication and in addition acquired an fairness curiosity. This new fairness funding is predicted to permit NineDot to advance its massive venture pipeline within the New York Metropolis space and to increase geographically in addition to doubtlessly by way of acquisitions. Mixed with present venture financings from CIT, SMBC, and NY Inexperienced Financial institution, a division of the New York State Power Analysis and Growth Authority (NYSERDA), amongst others, NineDot now has a capital base of virtually $400 million.

“We’re honored and excited to have Manulife Funding Administration as a NineDot fairness investor and associate,” mentioned David Arfin, NineDot Power CEO and co-founder. “From our first assembly Manulife IM clearly understood the significance of battery storage in modernizing the city electrical grid, making it cleaner, extra secure, extra equitable, and cheaper. Having the Manulife Funding Administration and Carlyle – two of the world’s main infrastructure traders – in our nook will actually encourage the way forward for NineDot.”

NineDot’s battery storage tasks in New York Metropolis help New York Governor Hochul’s nation-leading roadmap for six,000 megawatts of vitality storage capability in New York State by 2030, on the way in which to 100% zero- emission electrical energy for the state in 2040. Battery storage is a important a part of New York’s sustainable vitality infrastructure, enabling extra renewable vitality on the grid, accelerating the retirement of the dirtiest “peaker” crops, and make the grid stronger and stronger.

Recep Kendircioglu, World Head of Infrastructure, Manulife Funding Administration, mentioned: “We’ve been believers in community-scale battery storage for a very long time and are happy to type a long-term fairness partnership with NineDot Power. We envision NineDot because the main BESS developer in a fancy however enticing market. We look ahead to supporting the NineDot staff because it executes its development pipeline in New York and scales its enterprise.”

NineDot is on observe to realize its objective of getting 400 megawatts of battery storage capability in growth by the top of 2026, whereas complying with probably the most stringent security necessities for any jurisdiction in america set by New York Metropolis Fireplace Division (FDNY). ). NineDot’s preliminary battery storage website, situated within the Pelham Gardens neighborhood of the Northeast Bronx, grew to become operational final summer time – a first-of-its-kind neighborhood battery storage system in NYC, designed to offer energy and stability of the native grid throughout peak demand. As well as, NineDot has roughly 30 tasks below development all through the New York metro space, with many extra in growth. A typical NineDot Power 5-megawatt venture is designed to energy 5,000 New York Metropolis properties for 4 hours on the longest summer time day. From a decarbonization perspective, utilizing the NYC Division of Buildings (DOB) emissions methodology, if a NineDot website is working in 2022 it’s estimated to have lowered native greenhouse gasoline emissions by 420 tons of CO2e (carbon dioxide equal) .

“After we first supported NineDot in 2021, we knew that they had a novel technique to help New York’s vitality transition. Over the previous two years now we have labored carefully with them as a result of they’ve skilled the numerous successes in constructing their platform and venture pipeline. We look ahead to partnering with Manulife Funding Administration, offering extra help to the NineDot staff as they pursue their bold objectives,” mentioned Pooja Goyal, Chief Funding Officer at Carlyle’s Infrastructure Group.

As a part of this transaction, Christopher McKenzie, a Managing Director of Manulife Funding Administration’s Infrastructure staff, will be a part of NineDot’s Board of Administrators.

About NineDot Power

NineDot Power is the main community-scale, battery storage developer and operator within the New York Metropolis metropolitan area. We develop progressive city vitality options that help a extra resilient grid, ship financial financial savings, scale back carbon emissions, and enhance environmental sustainability. A lot of our battery storage places are designed to incorporate photo voltaic programs and electrical car provide (EVSE) capabilities. The title NineDot Power comes from the basic mathematical puzzle for exciting out-of-the-box options. We’re based mostly in Brooklyn, New York. Study extra at 9.vitality.

About Carlyle

Carlyle (NASDAQ: CG) is a worldwide funding agency with deep business experience deploying non-public capital throughout three enterprise segments: World Non-public Fairness, World Credit score and World Funding Options. With $382 billion in belongings below administration as of September 30, 2023, Carlyle goals to speculate correctly and create worth for traders, portfolio corporations and the communities by which we stay and make investments. Carlyle employs greater than 2,200 folks in 28 places of work on 4 continents.

About Manulife Funding Administration

Manulife Funding Administration is the worldwide model for the worldwide wealth and asset administration division of Manulife Monetary Company. We draw on greater than a century of monetary stewardship and the total assets of our dad or mum firm to serve people, establishments, and retirement plan members around the globe. Headquartered in Toronto, our in depth capabilities in the private and non-private markets are bolstered by an funding footprint that spans 19 geographies. We complement these capabilities by offering entry to a community of unaffiliated asset managers from around the globe. We’re dedicated to investing responsibly in our companies. We create new international frameworks for sustainable investing, work collaboratively with the businesses in our securities portfolios, and preserve excessive requirements of stewardship the place we personal and function belongings, and we imagine in supporting monetary well-being by way of our office retirement plans. Right this moment, plan sponsors around the globe depend on our retirement plan administration and funding experience to assist their staff plan, save, and stay a greater retirement. Not all choices can be found in all jurisdictions. For extra info, please go to manulifeim.com.



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