Spearmint Energy has successfully sealed a substantial $92 million tax equity investment for its groundbreaking 150MW Revolution battery storage project. The investment, provided by Greenprint Capital Management, represents a significant milestone and one of the first applications of the Investment Tax Credit structure for a standalone battery energy storage system, following the enactment of the Inflation Reduction Act.
Revolution, strategically located in the vast expanse of West Texas, has garnered attention as an emerging force in energy storage. Andrew Waranch, the founder, president, and chief executive of Spearmint, expressed his satisfaction with the partnership, stating, “We are pleased to join forces with Greenprint, a distinguished provider of capital to industry leaders in renewable energy. As we enter the final stages of testing at Revolution, Spearmint is dedicated to collaborating with top-tier firms like Greenprint to efficiently deliver cost-effective renewable energy to markets facing heightened demand.”
Waranch further highlighted the pressing need for grid stability in a changing climate and the variable landscape of oil and natural gas prices, underscoring the company's commitment to addressing these challenges.
Revolution achieved mechanical completion earlier this summer and is on track to commence operations later this year. It is poised to become one of the largest battery storage facilities in the United States, significantly augmenting Texas' energy storage capabilities and expanding access to sustainable energy solutions across the ERCOT system.
Peter DeFazio, managing director of Greenprint, lauded Spearmint for its innovative and forward-thinking approach in managing battery energy storage assets. “Spearmint has established itself as a strategic and progressive owner/operator in the energy storage sector. We are proud to provide financial support to the company at this crucial juncture in the nation's energy transition, catalyzed by the Inflation Reduction Act. We eagerly anticipate a long-term partnership,” said DeFazio.
