Energy storage developer NineDot Energy closes US$431 million in construction financing for New York BESS projects. Meanwhile, US energy efficiency and renewables company Ameresco completes multiple tax credit transfer and financing transactions for solar PV and BESS.
NineDot Energy closes US$431 million for 28 New York BESS projects
Energy storage developer NineDot Energy has closed US$431 million in construction financing to support 28 distributed battery energy storage systems (BESS) being developed across New York City, New York, US.
The financing was obtained from Natixis Corporate & Investment Banking (Natixis CIB) and will be allocated to support the development of a total capacity of 124MW/494MWh.
The US$431 million financing includes a construction and term loan facility, a bridge loan for tax-credit transfer, and a letter-of-credit facility, all tailored to meet the specific needs of NineDot’s 28-asset portfolio involved in this transaction.
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Ninedot is a developer of community-scale BESS projects. In April 2024, it secured US$13 million from SolaREIT, a real estate investment trust, to acquire project sites in New York. The company intends to develop 30 to 40 BESS projects in the New York Metropolitan area, each with a 5MW output and a 20MWh capacity.
In New York’s Energy Storage Roadmap, behind-the-meter projects up to 5MW, called “retail energy storage,” are considered community-scale, while larger systems over 5MW are called “bulk energy storage.”
Ninedot monetises community storage through New York’s Value of Distributed Energy Resources (VDER), or Value Stack, and demand response programmes. The Value Stack values energy, capacity, environmental benefits, demand reduction, and locational system relief, with compensation as bill credits from the New York Public Service Commission (NYPSC).
Customers can join the community program; for example, in 2023, Starbucks subscribed to Ninedot’s battery storage project in Pelham Gardens, located in the Bronx borough of New York City.
In January 2025, NineDot announced the closing of a US$65 million equipment financing supporting the purchase of up to 100MW/400MWh of batteries for use in 20 BESS projects across New York City. That financing was led by First Citizens Bank.
In October of that year, NineDot finalised a US$175 million revolving debt financing from Deutsche Bank. The company stated that these funds would be used for different activities during the development process, such as paying grid interconnection deposits, purchasing equipment, and construction.
Ameresco completes multiple tax credit transfers
In other financing-related news, US energy efficiency and renewables company Ameresco has completed multiple tax credit transfer and financing transactions for solar PV and BESS projects.
Ameresco completed the second and third in a series of long-term debt financings for projects under the previously announced private shelf facility, provided by financial institution CounterpointeSRE and investment firm Barings, and concurrently transferred certain of the projects’ related investment tax credits (ITCs).
According to Ameresco, the facility with CounterpointeSRE and Barings has streamlined its execution of multiple financings, driving consistency and scale across an expanding pipeline of large-scale energy storage and solar‑plus‑storage projects.
Recent transactions finalised through the shelf and ITC sales platforms include: the sale of ITC generated from a 50MW/200 MWh BESS project developed by Ameresco’s team, which was previously financed via long-term debt through Series A notes under the shelf facility.
As well as financing a 12MW solar and 10MW/50 MWh BESS project with long-term debt via Series B notes under the shelf facility, along with the sale of the related ITC; and financing a 25MW/100 MWh BESS project—including an ITC bridge financing—through long-term debt via Series C notes under the shelf facility. Ameresco plans to monetise the ITC once the BESS project becomes commercially operational and intends to use the proceeds to repay the bridge financing.
The ‘One Big Beautiful Bill Act’ limits tax credits if a component is under “effective control” by a designated foreign entity. From 2026, at least 55% of a project’s costs must come from non-prohibited foreign entities, increasing to 75% by 2030 and beyond. It remains to be seen how frequently companies can secure and transfer ITCs, as Ameresco has done with this portfolio.
In October 2025, Ameresco announced the development and operation of a 50MW/200MWh BESS in Arizona, which the company claimed as the largest behind-the-meter (BTM) BESS in the state.
It was installed at a Nucor substation within Mohave Electric Cooperative’s area and is managed by Arizona Electric Power Cooperative (AEPCO), which is part of the Arizona G&T Cooperatives.
The company holds several contracts with the federal government and US military, including a US$197 million energy infrastructure project secured in the same month with the US Naval Research Laboratory.
The Energy Storage Summit USA will be held from 24-25 March 2026, in Dallas, TX. It features keynote speeches and panel discussions on topics like FEOC challenges, power demand forecasting, and managing the BESS supply chain. ESN Premium subscribers can get an exclusive discount. For complete information, visit the Energy Storage Summit USA website.
