en.Wedoany.com Reported - Financing and leasing activities in the U.S. battery energy storage market have remained active recently, with Spearmint Energy advancing a large-scale standalone energy storage project in Texas and three small battery energy storage systems moving forward in New York.

Miami-based renewable energy developer Spearmint Energy announced it has secured approximately $450 million in financing for its 300MW/600MWh standalone Red Egret battery energy storage project in Texas City, Texas. The project is scheduled to commence commercial operations in 2027 and is already under construction. The financing package includes a $225 million construction loan with First Citizens Bank and Investec serving as joint lead arrangers, with participation from Nord/LB and East West Bank; $96 million in preferred equity from Nuveen Energy Infrastructure Credit; and approximately $126 million in investment tax credit (ITC) transfer proceeds. The Red Egret project is the fourth energy storage project built by Spearmint Energy in partnership with M.A. Mortenson Company, and the fourth to utilize Sungrow Power Supply Company's Power Titan battery energy storage system. Upon completion, Spearmint Energy will operate a portfolio of over four storage projects with a total storage capacity of 1.5GWh. Andrew Waranch, Founder, President, and CEO of Spearmint Energy, stated that aging grid infrastructure is facing unprecedented challenges, and this financing will support the company in enhancing energy resilience in the ERCOT region through battery energy storage systems.

Toronto, Canada-based PowerBank has signed lease agreements for three battery energy storage projects operating in upstate New York, located on Round Hill Rd, Montana Rd, and Genesee Rd. Each project has an installed capacity of 5MW with a four-hour discharge duration, totaling 60MWh of storage capacity. Leasing has become a common model for small and medium-sized storage projects: developers of energy storage systems avoid bearing the full upfront asset acquisition costs while still generating revenue from grid services and incentive programs. The key to these projects is their potential eligibility for funding under the New York State Energy Research and Development Authority (NYSERDA) retail storage incentive program and compensation under New York's distributed energy value mechanism. PowerBank stated that these projects have initiated preliminary interconnection pre-screening, and permitting and financing will proceed based on approval outcomes.

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