CIT Serves as Co-Lead on $85 Million in Financing for NineDot Energy

Rhea-AI Summary

CIT, a division of First Citizens Bank, has announced its role as co-coordinating lead arranger for an $85 million construction-to-term debt financing for NineDot Energy. The funds will support the development of 11 battery storage projects in the NYC metro area, aimed at enhancing grid resiliency and supporting renewable energy. NineDot Energy is backed by Carlyle Group (NASDAQ: CG) and will implement projects across the Bronx, Staten Island, Queens, and Long Island, totaling 43 MW in capacity.

Positive

• CIT played a crucial role in securing $85 million financing, enhancing its reputation as a lead arranger.
• NineDot Energy's projects contribute to grid resiliency and support renewable energy initiatives in urban settings.

Negative

• None.

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.

About CIT
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.

MEDIA RELATIONS:
John M. Moran
212-461-5507
john.moran2@firstcitizens.com

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SOURCE CIT, a division of First Citizens Bank

FAQ

What is the financial support amount announced by CIT for NineDot Energy?

CIT announced $85 million in financing for NineDot Energy.

What projects will the financing from CIT support?

The financing will support 11 battery storage projects totaling 43 megawatts of capacity.

Which areas will benefit from NineDot Energy's battery storage projects?

The projects will be implemented in the Bronx, Staten Island, Queens, and Long Island.

Which investment firm backs NineDot Energy?

NineDot Energy is a portfolio company of the Carlyle Group (NASDAQ: CG).

What are the objectives of the New York state program mentioned in the PR?

The program aims to encourage the development of distributed energy resources for enhancing the resiliency of the electrical grid.