US battery energy storage systems (BESS) company Spearmint Energy has secured a loan from Elda River Capital Management to expand its storage portfolio.
The loan will fund Spearmint’s development and operation of its 4.1GW BESS portfolio, including 1GW nearing construction in the ERCOT grid in Texas, and supports the expansion of its US project pipeline.
Spearmint said Elda River has joined its $200m (€183.6m) enhanced credit facility alongside Nuveen’s energy infrastructure credit team and Aiga Capital Partners.
Cory Magnuson, CFO of Spearmint, said: “We are proud to welcome Elda River as a financing partner as we continue growing our BESS portfolio and developing our project pipeline. The Elda River team has a proven track record of successfully investing in the renewable energy and infrastructure sectors and shares our mission of enabling nationwide access to cost-effective clean energy.
Craig Rohr, partner and co-founder of Elda River, said: “As we continue to focus our efforts on identifying and providing capital to exceptional companies that are championing the energy transition, we are excited to partner with the Nuveen energy infrastructure credit and Aiga teams to support the strategic growth and development of Spearmint’s BESS portfolio.”
“Their partnership further underscores investors’ trust in Spearmint’s ability to meaningfully contribute to a greener future through battery energy storage.”
Don Dimitrievich, portfolio manager for Nuveen’s energy infrastructure credit team, said: “We are very pleased with Spearmint’s continued progress on developing and operating their best-in-class BESS assets.
“The addition of Elda River as a financing partner is a testament to Spearmint’s success and substantial pipeline. We are excited to partner with Elda River, alongside the continued support of Aiga.”
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