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Alternative Assets  + Real Assets  | 
Spearmint Energy Locks In $48M for BESS Project

Spearmint Energy Locks In $48M for BESS Project

Spearmint Energy, a renewable energy company, has closed a $47.5 million project finance term loan from Manulife Financial Corporation for a U.S. battery energy storage system (“BESS”) project located in West Texas’ ERCOT market.

The close of the term loan follows the completion and launch of Revolution, the company’s 150MW, 300MWh BESS project announced earlier this year, as well as its $92 million tax equity financing from Greenprint Capital Management and a $200 million term loan financing from Aiga Capital Partners and Nuveen.

“Our successful closing of this loan amidst a highly competitive bidding process reflects Spearmint’s leading position within Texas’ fast-growing energy storage market as well as Revolution’s success to date in supporting grid stability throughout ERCOT,” said Cory Magnuson, Spearmint CFO.

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Spearmint EnergyManulife Financial Corporation

About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.

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