SolaREIT Closes $13 Million Portfolio with NineDot Energy
Partnership Provides Real Estate Financing for Community-Scale Battery Energy Storage Projects in New York City
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VIENNA, VA. and New York, NY April 19, 2024—SolaREIT™, a solar and storage real estate investment company, has closed $13 million in real estate financings for NineDot Energy’s battery energy storage (BESS) projects. NineDot Energy®, the leading developer of community-scale BESS in the New York City metropolitan area, 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 their clean energy real estate financing solutions 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.”
“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 stabilizing 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,” said Laura Pagliarulo, President of SolaREIT.
Solar and energy storage development are both land and capital intensive. SolaREIT partners with developers and landowners to provide a range of real estate financing options for taking advantage of development on their land. The company’s simple, streamlined approach delivers maximum flexibility based on a developer’s needs and financial goals. For more information: https://www.solareit.com
About SolaREIT: SolaREIT, based in Virginia, is an innovative real estate company focused on delivering financing solutions for solar and battery energy storage developers. SolaREIT, a minority and women-owned business, was founded in 2020 as a Real Estate Investment Trust (REIT) by clean energy industry veterans with a proven track record in finance, project development, real estate, and community solar. The team is passionate about renewable energy and believes that solar and battery energy storage land financing plays a critical role in expanding the clean energy economy. Learn more at www.solareit.com.
About NineDot Energy: NineDot Energy is the leading community-scale, battery storage developer and operator in the New York City metropolitan region. We create innovative urban energy solutions that support a more resilient grid, deliver economic savings, reduce carbon emissions, and improve environmental equity. Many of our battery storage locations are designed to include solar systems and electric vehicle supply equipment (EVSE) capabilities as well. NineDot Energy’s name derives from the classic mathematical puzzle for sparking out-of-the-box solutions. We are based in Brooklyn, New York. Learn more at nine.energy.