Andrew Waranch, Founder, President, and Chief Executive Officer 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 financing to construct the project totaling $225 million and is provided by a consortium of banks led by First Citizens Bank and Investec as Coordinating Lead Arrangers and Joint Bookrunners, Nord/LB as Joint Lead Arranger and East West Bank as Mandated Lead Arranger.

The Construction Facility will be repaid when commercial operations commence with $96 million of preferred equity investment secured from Nuveen Energy Infrastructure Credit, the infrastructure credit investment platform of Nuveen, backed by TIAA. Additionally, the project will receive approximately $126 million of proceeds from an ITC transfer commitment.

Construction of the project has begun, and the project represents the fourth built for Spearmint by Minneapolis-based M.A. Mortenson Company and is the fourth Spearmint project to use the PowerTitan platform supplied by Sungrow USA Corporation. Upon completion in 2027, Spearmint’s operating portfolio will include a total battery capacity of over 1.5 GWh across four projects.