Spearmint Energy has secured a $325m (€286m) debt facility from a consortium including Nuveen’s energy infrastructure credit strategy, Elda River Capital Management, Harrison Street Asset Management and Aiga Capital Partners to support the expansion of its battery energy-storage platform throughout the US.
Spearmint said the expanded debt facility strengthens its capital base and “supports strategic initiatives aligned with its mission to deliver safe, stable and affordable energy through battery storage solutions”.
The debt facility follows several recent transactions by Spearmint, including approximately $450m in project financing for the Red Egret standalone battery project under construction in Texas City, Texas.
Previously, the company secured financing from Kyuden International Corporation for two battery energy-storage projects in Texas, which commenced operations late last year.
Andrew Waranch, founder, president and CEO of Spearmint, said: “We are pleased to secure this debt financing from Nuveen Energy Infrastructure Credit, Elda River, Harrison Street and Aiga as we accelerate the deployment and optimisation of battery storage to reduce grid volatility, increase resilience and help ensure power is available whenever and wherever it is needed.
“As energy demand continues to rise, now faster than ever, this growth capital will help us continue to deliver safe and affordable energy across the country.”
Don Dimitrievich, head of Nuveen Energy Infrastructure Credit, said: “Battery storage is becoming an increasingly important part of the nation’s energy infrastructure, and Spearmint is helping to advance that buildout with high-quality assets and a clear growth strategy.
“We are pleased to support the Spearmint team through this debt facility as they continue to expand access to reliable, resilient power for American consumers.”
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