NEW YORK, Dec. 7, 2022 /PRNewswire/ -- CIT, a division of First Citizens Bank, today announced that its Power and Energy business served as co-coordinating lead arranger on an $85 million construction-to-term debt financing for NineDot Energy LLC ("NineDot Energy"), a leading developer of distributed community energy projects in the New York City metro region.
NineDot Energy, a portfolio company of the global investment firm Carlyle Group Inc. (NASDAQ: CG), will use the proceeds to develop 11 stand-alone battery storage projects totaling 43 megawatts of capacity across the Bronx, Staten Island, Queens and Long Island.
All projects will qualify under a New York state program designed to encourage the development of distributed energy resources to increase the resiliency of the electrical grid. SMBC served as the other co-coordinating lead arranger on the financing.
"NineDot Energy's battery storage installations will be an increasingly important contributor to the New York City metro area's grid resiliency and a valuable infrastructure component to support renewable power in urban settings," said David Arfin, NineDot Energy CEO and Co-founder. "CIT's expertise in financing battery storage projects was an important factor in the success of this financing package."
"NineDot Energy has an exceptional reputation as a leading developer of distributed community energy projects and we are confident these new battery storage facilities will add to their successful track record," said Mike Lorusso, managing director and group head for CIT's Power and Energy business. "We appreciated the opportunity to collaborate with NineDot Energy on this financing and look forward to future opportunities to support their growth."
CIT's Power and Energy business leverages its deep industry knowledge and expertise to offer comprehensive financing solutions for renewable and conventional power generation. The unit manages a large, diverse portfolio that includes investments in all asset classes across the energy sector.
CIT is a division of First Citizens Bank, the largest family-controlled bank in the United States, continuing a unique legacy of strength, stability and long-term thinking that has spanned generations. Parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $100 billion in assets. The company's commercial banking segment brings a wide array of best-in-class lending, leasing and banking services to middle-market companies and small businesses from coast to coast. First Citizens also operates a nationwide direct bank and a network of more than 550 branches in 22 states, many in high-growth markets. Industry specialists bring a depth of expertise that helps businesses and individuals meet their specific goals at every stage of their financial journey. Discover more at cit.com/firstcitizens.
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SOURCE CIT, a division of First Citizens Bank