Spearmint Energy has secured a $47.5m (€44.3m) project finance loan from Manulife for a US battery energy storage system (BESS) project.
The renewable energy company said the project finance term loan will support the commercial operation of Revolution, a 150MW BESS project located in West Texas in the Electric Reliability Council of Texas (ERCOT) power market.
Cory Magnuson, CFO of Spearmint, said: “We are proud to partner with Manulife, globally recognised for its strong track record of identifying key market leaders and providing capital with meaningful outcomes, for one of its first-ever investments in standalone battery storage.
“Our successful closing of this loan amidst a highly competitive bidding process reflects Spearmint’s leading position within Texas’ fast-growing energy-storage market as well as Revolution’s success to date in supporting grid stability throughout ERCOT.”
Michael Switt, VP of global power and infrastructure debt at Manulife, said: “We are excited to participate in Revolution’s financing and support the deployment of grid-scale battery storage across ERCOT and the US broadly.
“Spearmint has distinguished itself from peers through its efficient operation, innovative approach and diversified pipeline in key energy markets, and we look forward to the long-term positive impact our investment will have on enabling the renewable energy transition in the US.”
The close of the project finance term loan adds to the previously secured $92m in tax equity financing from Greenprint Capital Management and the $200m term loan from Aiga Capital Partners and Nuveen.
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