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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 of Connect Money, where he oversees daily coverage of alternative assets, direct investments, financial advisory and the economy. He brings three decades of experience as a financial journalist, analyst and portfolio manager. Before joining Connect Money, Palmisano wrote for The Wall Street Journal, covering foreign exchange, global fixed-income and equity markets. He later served as a senior research analyst and portfolio manager, producing market analysis and managing foreign exchange and U.S. equity portfolios for FX Concepts. His work has also appeared in SFO Magazine and CMT Association publications. Palmisano earned a bachelor’s degree in finance from The American University and holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.