Spearmint Energy Locks in $325M to Power Battery Storage Expansion
Spearmint Energy has secured a $325 million expanded debt facility from a quartet of lenders — Nuveen Energy Infrastructure Credit, Elda River Capital Management, Harrison Street Asset Management, and Aiga Capital Partners — to support the company’s battery energy storage portfolio and development pipeline across the U.S.
The company plans to use the capital to advance its operating projects, including the Tierra Seca, Seven Flags, and Revolution battery storage facilities, as well as projects in its broader development portfolio.
“We are pleased to secure this debt financing as we accelerate the deployment and optimization of battery storage to reduce grid volatility, increase resilience, and help ensure power is available whenever and wherever it is needed,” said Andrew Waranch, founder, president, and CEO, Spearmint Energy.
The facility builds on a period of sustained financing activity for Spearmint. The firm recently closed approximately $450 million in project financing for Red Egret, a 300 MW/600 MWh standalone battery project under construction in Texas City, Texas. Before that, Kyuden International Corporation provided financing for two 100 MW/200 MWh battery energy storage projects in ERCOT — Tierra Seca and Seven Flags — both of which began commercial operations late last year.
