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