en.Wedoany.com Reported - Spearmint Energy has completed approximately $450 million in financing to build its Red Egret project in Texas City, Texas. The project is a 300 MW/600 MWh standalone battery energy storage system (BESS).

Andrew Waranch, Founder, President, and CEO of Spearmint, stated that aging grid infrastructure is facing unprecedented growth in electricity demand, and this financing helps the company enhance the energy resilience of the ERCOT grid through battery energy storage systems. The development of the Red Egret project will improve power supply reliability, delivering cost-effective electricity to homes and businesses in Texas City and the Gulf Coast region.

The construction financing includes $225 million in total project funding, provided by a syndicate of banks with First Citizens Bank and Investec acting as Coordinating Lead Arrangers and Joint Bookrunners, Nord/LB as Joint Lead Arranger, and East West Bank as Mandated Lead Arranger. The construction financing will be repaid after the project begins commercial operations, with $96 million in preferred equity investment provided by Nuveen Energy Infrastructure Credit, a TIAA-supported infrastructure credit investment platform under Nuveen. Additionally, the project will receive approximately $126 million in proceeds through ITC transfer commitments.

The project is already under construction and is the fourth battery energy storage project built for Spearmint by M.A. Mortenson Company, headquartered in Minneapolis, and the fourth Spearmint project to utilize the PowerTitan platform supplied by Sungrow Power Supply Co., Ltd. (US). The project is expected to be completed in 2027, at which point Spearmint's operational portfolio will include four projects with a total battery capacity exceeding 1.5 GWh.