Spearmint Energy has closed a $47.5 million project finance term loan from Manulife to support the commercial operation of Revolution, Spearmint’s 150-megawatt, 300-megawatt-hour battery-energy storage system (BESS) project in West Texas’s ERCOT power market.
Revolution, which ranks among the largest BESS projects in the United States, supports a low-cost, clean and resilient grid for homes and business throughout ERCOT. In January, Spearmint announced completion of the project and confirmed it has commenced commercial operations.
“We are proud to partner with Manulife, globally recognized for its strong track record of identifying key market leaders and providing capital with meaningful outcomes, for one of its first ever investments in stand-alone battery storage,” said Cory Magnuson, CFO of Spearmint. “Our successful closing of this loan a