Spearmint closes $200m credit facility for BESS development
Spearmint Energy, the battery energy storage specialist founded in May 2022, has closed a $200 million credit facility with Aiga Capital Partners for the development of battery storage assets in Texas.
Aiga, which provides structured debt and equity investments for developers of sustainable assets in North America, will provide the term loan to support the development of Spearmint’s 1.2GW/2.4GWh portfolio of BESS assets in Texas’ ERCOT power market, as well as Spearmint’s storage portfolio across the US.
Javelin Capital and Paul Hastings served as financial advisor and legal counsel, respectively, to Spearmint. Holland and Knight served as legal counsel for Aiga.
Spearmint’s portfolio of BESS assets in ERCOT is currently comprised of a 300MWh battery energy storage project known as Revolution, and three battery energy storage projects, each with a target capacity of 300MW, known collectively as Nomadic which the firm acquired in March 2023.
“This facility will enable Spearmint to accelerate the construction of our projects currently under development, capitalize on our strong pipeline of development opportunities, and reliably deliver renewable energy to the grid for years to come,” said Andrew Waranch, founder, president, and chief executive of Spearmint.
Angel Fierro, managing partner of Aiga, added: “As a provider of capital solutions that help to catalyze the deployment of sustainable assets and accelerate the energy transition, Aiga is proud to finance Spearmint’s ongoing project development and looks forward to supporting the Company’s growth.”
The Spearmint platform is comprised of three distinct strategies, including battery and solar project development, energy storage offtake, and renewables power trading.
The firm last month (May 2023) added two senior hires to its growing development team. Gina Wolf, former global portfolio strategist at Meta Platforms (formerly Facebook), has joined as senior vice president of strategy and project development to work on project site pipeline identification, early-stage development, and M&A activity across the US.
Jake Dahm, former senior director of development at Avantus (formerly 8minute Solar Energy), joined as senior director of development and responsible for supporting the development and execution of Spearmint’s mid and late-stage project pipeline.