Spearmint Energy, a next-generation energy company delivering stable, secure and cost-effective energy solutions to the power grid through large-scale battery storage, has successfully closed approximately $450 million of financing to support Red Egret, a 300-megawatt/600-megawatt-hours standalone battery energy storage system (BESS) in Texas City, Texas. The financing package includes a construction facility, an investment tax credit (ITC) transfer and preferred equity.
Andrew Waranch, founder, president and CEO of Spearmint, said, “As aging grid infrastructure meets unprecedented growth in electricity demand, this financing supports Spearmint’s ability to increase energy resilience in ERCOT through battery energy storage systems. Through our development of Red Egret, we are working to strengthen reliability and deliver safe, cost-effective power to homes and businesses in Texas City and throughout the Texas Gulf Coast.”
The construction facility comprises finan
