Spearmint Energy Adds Elda River to $200M Credit Facility

Spearmint Energy, a renewable energy company focused on the clean energy revolution through battery energy storage, announced that Elda River Capital Management LLC, a real assets investment firm focused on energy transition and infrastructure opportunities, has joined its $200 million enhanced credit facility alongside Nuveen’s Energy Infrastructure Credit team and Aiga Capital Partners.

The term loan supports the continued development and operation of Spearmint’s 4.1 GW portfolio of battery energy storage system (BESS) assets, which includes over 1.0 GW of projects nearing construction in Texas’ ERCOT power market and Revolution, Spearmint’s commercially operating, 150 MW / 300 MWh BESS project in West Texas. The loan will also support the continued expansion of Spearmint’s project development pipeline across the U.S.

“As we continue to focus our efforts on identifying and providing capital to exceptional companies that are championing the energy transition, we are excited to partner with the Nuveen Energy Infrastructure Credit and Aiga teams to support the strategic growth and development of Spearmint’s BESS portfolio,” said Craig Rohr, partner and co-founder of Elda River.

In June 2023, Spearmint secured its $200 million term loan with Aiga, an investment management firm that provides flexible capital solutions to North American-based companies developing sustainable infrastructure assets. Nuveen’s Energy Infrastructure Credit team, which provides private debt and structured equity solutions to assist companies transitioning to a low carbon economy while also ensuring energy security, invested as a co-anchor in December 2023.