Stem announced today it has entered into an agreement to provide smart energy storage services to NineDot Energy. The projects consist of six front-of-the-meter (FTM) standalone energy storage sites in Staten Island that represent more than 110MWh. The portfolio, expected to be completed by May 2023, will participate in New York’s Value of Distributed Energy Resources (VDER) program, through which NineDot will develop the energy storage sites, own the assets, and monetize the VDER credits.
Stem will procure the storage hardware, and it will also use its Athena smart energy software to optimize VDER credits and other incentive programs to help generate additional project revenues, achieve incentive and warranty compliance, and provide a single platform for NineDot to monitor the portfolio of energy storage sites.
New York has made great strides in renewable energy and energy storage in the past year. In July New York had achieved 3GW of solar capacity, and when combined with projects under development, the milestone represents 95% of the state’s goal to install 6GW of solar by 2025, as mandated in the Climate Leadership and Community Protection Act.
The Solar Energy Industries Association estimates that New York is receiving about 3% of its electricity from solar, a step toward its goal of 100% clean energy use by 2040. The state recently announced plans to double its energy storage target to 600MW by 2030. Carlyle, one of the world’s largest private equity firms, recently committed to invest approximately $100 million in NineDot to build and operate energy storage sites in New York.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.