Spearmint Energy has secured approximately $450 million in financing for the 300 MW/600 MWh Red Egret battery energy storage (BESS) project located in Texas City, Texas. The project includes a $225 million construction facility led by First Citizens Bank and Investec. The financing package also features $96 million in preferred equity from Nuveen Energy Infrastructure Credit, backed by TIAA.
Additionally, the project will receive around $126 million through an investment tax credit transfer commitment. The project has already commenced construction and is expected to complete in 2027. M.A. Mortenson Company will handle the project development along with Sungrow USA Corporation supplying the PowerTitan platform. With the addition of this project, Spearmint’s operating BESS portfolio is expected to exceed 1.5 GWh across four projects.
In January 2026, Spearmint Energy closed an equity investment with Kyuden International Corporation for two battery energy storage system (BESS) projects in Texas. The investment covers the Tierra Seca and Seven Flags projects, each with a capacity of 100 MW/200 MWh, located in Del Rio and Laredo, respectively. Together, the two projects add 400 MWh of battery storage capacity to ERCOT.