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.
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