Battery energy storage developer Spearmint Energy has announced that Elda River Capital Management has joined its existing US$200 million enhanced credit facility, which also includes investments from Nuveen's Energy Infrastructure Credit team and Aiga Capital Partners.
The term loan is designed to support the ongoing development and operation of Spearmint's 4.1 gigawatt (GW) portfolio of battery energy storage system (BESS) assets.
This portfolio includes over 1 GW of projects nearing construction in Texas' ERCOT power market and the Revolution project, a commercially operating 150 MW/300 MWh BESS facility in West Texas. The funds will also aid in expanding Spearmint's project development pipeline across the United States.
Craig Rohr, partner and co-founder of Elda River, commented, “Spearmint has distinguished itself as a leader in both developing and safely operating utility-scale BESS projects in ERCOT and ISOs nationally. As we continue to focus our efforts on identifying and providing capital to exceptional companies that are championing the energy transition, we are excited to partner with the Nuveen Energy Infrastructure Credit and Aiga teams to support the strategic growth and development of Spearmint's BESS portfolio.”
Cory Magnuson, chief financial officer of Spearmint, expressed pride in the new partnership, stating, “We are proud to welcome Elda River as a financing partner as we continue growing our BESS portfolio and developing our project pipeline. The Elda River team has a proven track record of successfully investing in the renewable energy and infrastructure sectors and shares our mission of enabling nationwide access to cost-effective clean energy. Their partnership further underscores investors' trust in Spearmint's ability to meaningfully contribute to a greener future through battery energy storage.”
In June 2023, Spearmint secured its US$200 million term loan with Aiga, which provides flexible capital solutions to North American companies developing sustainable infrastructure assets.
Nuveen's Energy Infrastructure Credit team invested as a co-anchor in December 2023, offering private debt and structured equity solutions to support the transition to a low-carbon economy.
