US battery energy storage systems (BESS) company Spearmint Energy has secured a $200m (€185m) loan from Aiga Capital Partners to help scale up the business.
Spearmint Energy said the credit facility will support the development of its 1.2GW/2.4GWh portfolio of BESS assets in the Electric Reliability Council of Texas (ERCOT) power market and continued expansion of the company’s portfolio across the US.
Andrew Waranch, founder, president and CEO of Spearmint Energy, said the transaction represents a significant milestone for Spearmint as we continue to build out our best-in-class portfolio of battery energy storage assets across the ERCOT market specifically and the US broadly.
“This facility will enable Spearmint to accelerate the construction of our projects currently under development, capitalise on our strong pipeline of development opportunities and reliably deliver renewable energy to the grid for years to come.”
Angel Fierro, managing partner of Aiga Capital, said: “Spearmint has cemented its position as a fast-growing owner, operator and developer of BESS, and we are excited to partner with the company at this critical point in its portfolio’s evolution.
“As a provider of capital solutions that help to catalyse the deployment of sustainable assets and accelerate the energy transition, Aiga is proud to finance Spearmint’s ongoing project development and looks forward to supporting the company’s growth.”
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