MIAMI--(BUSINESS WIRE)--Spearmint Energy (“Spearmint” or the “Company”), a next-generation renewable energy company enabling the clean energy revolution through battery energy storage, today announced the close of a $200 million credit facility with Aiga Capital Partners (“Aiga”), an investment management firm providing flexible capital solutions to North American-based companies developing sustainable infrastructure assets.
The term loan will support the development of Spearmint’s 1.2 GW / 2.4 GWh portfolio of BESS assets in Texas’ ERCOT power market and continued expansion of the Company’s innovative, utility-scale storage portfolio across the U.S. Spearmint’s portfolio of BESS assets in ERCOT is currently comprised of a 300 MWh battery energy storage project known as Revolution, and three battery energy storage projects, each with a target capacity of 300 MW, known collectively as Nomadic.
Andrew Waranch, Founder, President, and Chief Executive Officer of Spearmint, said, “This 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 U.S. broadly. This facility will enable Spearmint to accelerate the construction of our projects currently under development, capitalize on our strong pipeline of development opportunities, and reliably deliver renewable energy to the grid for years to come. We are pleased to have found a like-minded financing partner in Aiga and are grateful for their support of Spearmint’s mission.”
Angel Fierro, Managing Partner of Aiga, added, “Spearmint has cemented its position as a fast-growing owner, operator, and developer of battery energy storage assets, 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 catalyze 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.”
Javelin Capital and Paul Hastings LLP served as financial advisor and legal counsel, respectively, to Spearmint. Holland and Knight served as legal counsel for Aiga.
About Spearmint Energy
Spearmint is a next generation renewable energy company enabling the clean energy revolution through battery energy storage. The Spearmint platform is comprised of three distinct strategies, including battery and solar project development, energy storage offtake, and renewables power trading. For more information, please visit: https://www.spearmintenergy.com/
About Aiga Capital Partners
Aiga is a minority-owned investment adviser supporting the Energy Transition with structured debt and equity investments for developers of sustainable assets in North America. In an effort to contribute towards net zero emissions targets, our strategy targets growth capital deployment opportunities in renewable energy, energy storage and other sustainable infrastructure sectors. To learn more, visit https://www.aigacapital.com/