Spearmint Energy has secured over $250 million in financing for two 100 MW/200 MWh battery energy storage systems (BESS). These are the Tierra Seca and Seven Flags projects situated in Del Rio and Laredo, respectively within Texas’s ERCOT power market. The two projects are currently under construction, which is being carried out by M.A. Mortenson Company.
Furthermore, this financing includes $59 million in construction-to-term loan facilities provided by Manulife and $95 million in tax equity bridge loan facilities provided by East West Bank. It also includes $98 million in tax equity commitments from Sugar Creek Capital. The projects will utilise the PowerTitan 2.0 energy storage platform provided by Sungrow. The projects will add over 200 MW/400 MWh of storage capacity to the ERCOT grid upon commencement of operations.
Spearmint Energy is a US based company focused on developing, owning, operating, and optimising BESS projects. It currently operates a 150 MW/300 MWh BESS project in West Texas and has over 20 projects, with a combined capacity of more than 13 GWh, under development in 5 US regions.
REGlobal’s Views: The company is building a strong energy storage portfolio in Texas which is witnessing an upsurge in renewable energy projects following increasing demand for reliable clean energy especially owing to growth in data centers and weather-related grid disturbances. These storage projects will help provide stability to the grid and make Spearmint one of the leading players in the state’s energy storage space.
