Spearmint Energy Secures $200 Million Credit Facility for Expansion of Battery Energy Storage Portfolio


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Spearmint Energy, a forward-thinking renewable energy company specializing in battery energy storage, has successfully secured a credit facility of $200 million from Aiga Capital Partners. Aiga Capital Partners is an investment management firm that focuses on providing flexible capital solutions to sustainable infrastructure asset developers based in North America.

The term loan obtained by Spearmint will play a crucial role in supporting the development of their impressive 1.2 GW / 2.4 GWh portfolio of battery energy storage system (BESS) assets in Texas’ ERCOT power market. Additionally, it will facilitate the continued expansion of Spearmint’s utility-scale storage portfolio across the United States. Currently, the company’s BESS assets in the ERCOT market comprise the Revolution project, a 300 MWh battery energy storage project, and a collection of three battery energy storage projects named Nomadic, each aiming for a capacity of 300 MW.

Andrew Waranch, the Founder, President, and Chief Executive Officer of Spearmint, expressed his excitement over this significant milestone. He highlighted the company’s commitment to constructing a top-notch portfolio of battery energy storage assets in the ERCOT market and nationwide. With the credit facility in place, Spearmint can accelerate the construction of their ongoing projects, leverage their robust development opportunities, and reliably supply renewable energy to the grid for years to come. Waranch expressed gratitude for finding a like-minded financing partner in Aiga and their support of Spearmint’s mission.

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Angel Fierro, the Managing Partner of Aiga, emphasized Spearmint’s strong position as a rapidly growing owner, operator, and developer of battery energy storage assets. Aiga is delighted to partner with Spearmint at this pivotal stage of their portfolio’s evolution. As a provider of capital solutions that drive the deployment of sustainable assets and expedite the energy transition, Aiga is proud to support Spearmint’s ongoing project development and is eager to contribute to the company’s growth.

Javelin Capital and Paul Hastings LLP served as Spearmint’s financial advisor and legal counsel, respectively, while Holland and Knight acted as legal counsel for Aiga. This collaboration between Spearmint Energy and Aiga Capital Partners signifies a significant step forward in the clean energy revolution and demonstrates the commitment of both entities to fostering sustainable infrastructure development.

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