Spearmint Energy secures $92 million tax equity financing for battery energy storage project in ERCOT

Renewable energy company specialising in battery energy storage, Spearmint Energy, has announced it has successfully closed a $92 million tax equity investment in its Revolution project, a 150 MW, 300 MWh battery energy storage project located in west Texas.
Spearmint Energy secures $92 million tax equity financing for battery energy storage project in ERCOT
Courtesy of NREL.

The investment was provided by Greenprint Capital Management, an investment firm dedicated to financing climate positive solutions and specialising in certificated renewable energy tax credit acquisitions. This marks one of the first applications of the Investment Tax Credit structure for a standalone battery energy storage system following the passing of the Inflation Reduction Act.

“We are pleased to partner with Greenprint, well-recognised for providing capital to leading companies in renewable energy, as we embark on the final stages of testing at Revolution” said Andrew Waranch, Founder, President, and Chief Executive Officer of Spearmint. “As our nation continues to battle grid-instability due to climate change, fluctuating oil and natural gas prices, and an increase in electricity demand, Spearmint is acutely focused on partnering with best-in-class firms like Greenprint to ensure we can efficiently offer low-cost renewable energy to markets in need. We are proud to be a first mover in leveraging the incentives of the Inflation Reduction Act to help fuel the growth of the clean energy revolution.”

Revolution reached mechanical completion this summer and is scheduled to begin operations later this year. The project, which is expected to be one of the largest batteries in the United States, will help strengthen Texas’ energy storage capabilities, provide a resilient electric grid for homes and businesses during times of extreme weather, and bolster access to renewable energy solutions across the Electric Reliability Council of Texas (ERCOT) system.

“Spearmint has proven itself as an innovative, strategic, and ahead-of-the-curve owner/operator of battery energy storage assets” added Peter DeFazio, Managing Director of Greenprint. “We are proud to offer our financial support to the Company at this pivotal point in the energy transition of our country following the positive changes brought about by the Inflation Reduction Act. We look forward to a long-term partnership.”

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