Spearmint Energy, a next-generation energy company focused on large-scale battery storage, has closed more than $250 million in financing for two battery energy storage systems (BESS) in Texas’ ERCOT power market.
Spearmint also has begun construction of the two 100-megawatt/200-megawatt-hour BESS projects, known as Tierra Seca and Seven Flags, which are located in Del Rio and Laredo, respectively.
The financing package is made up of $59 million in construction-to-term loan facilities provided by Manulife, $95 million in tax equity bridge loan facilities provided by East West Bank and Investec, and $98 million in tax equity commitments from Sugar Creek Capital.
Both BESS projects are currently under construction by M.A. Mortenson Ci,, a power engineering, procurement and construction contractor with deep experience in battery energy storage. Following the completion of construction and commencement of their operations, Tierra Seca and Seven Flags will add more
