Spearmint Energy has announced the inclusion of Nuveen in its enhanced credit facility, valued at $200 million, alongside Aiga Capital Partners. Nuveen's Energy Infrastructure Credit team, known for providing private debt and structured equity solutions to aid companies in transitioning to a low-carbon economy, joins the term loan alongside Aiga, an investment management firm specializing in flexible capital solutions for sustainable infrastructure assets in North America.
The term loan is designated to support the development of Spearmint's 2.8 GW portfolio of battery energy storage system assets. This portfolio includes over 1.0 GW of projects nearing construction in Texas' ERCOT power market, as well as Revolution, Spearmint's 150 MW, 300 MWh Battery Energy Storage System (BESS) project in West Texas. Revolution, among the largest BESS projects in the United States, recently commenced commercial operation to contribute to a low-cost, clean, and resilient grid in ERCOT.
Don Dimitrievich, Portfolio Manager for Nuveen's Energy Infrastructure Credit team, expressed enthusiasm about the partnership with Spearmint Energy and Aiga, emphasizing Nuveen's commitment to supporting decarbonization efforts and best-in-class energy storage operators.
Andrew Waranch, Founder, President, and Chief Executive Officer of Spearmint, welcomed Nuveen as a financing partner, highlighting the significance of the support from Nuveen and Aiga in advancing Spearmint's BESS portfolio nationally.
Angel Fierro, Managing Partner at Aiga Capital Partners, expressed excitement about partnering with Nuveen to support Spearmint's future growth, emphasizing Aiga's role in scaling the company's development platform and completing the construction of its first 300 MWh project in ERCOT.
The collaboration with Nuveen aligns with Spearmint Energy's strategic goals and underscores the confidence of prominent investors in the success of Revolution and Spearmint's capacity to efficiently construct utility-scale BESS projects crucial for the renewable energy transition.