Spearmint Energy has added Nuveen to its $200m enhanced credit facility with Aiga Capital Partners to support the development of its 2800MW portfolio of battery energy storage system (BESS) assets.
The portfolio includes over 1GW of projects nearing construction in Texas’ ERCOT power market as well as Revolution, Spearmint’s 150MW BESS project in West Texas.
Revolution recently commenced commercial operation.
Don Dimitrievich, Portfolio Manager for Nuveen’s Energy Infrastructure Credit team, said: “We look forward to our partnership with Spearmint Energy in conjunction with Aiga, as Spearmint continues to rapidly expand its enhanced credit facilities.
“Supporting decarbonization and best-in-class energy storage operators like Spearmint, which provides critical grid stabilisation to achieve this goal, is a cornerstone of our business.”
Andrew Waranch, Founder, President, and Chief Executive Officer of Spearmint, added: “We are excited to welcome Nuveen as a financing partner alongside Aiga as we continue to advance the development of our BESS portfolio nationally.
“Both Nuveen and Aiga are well known in the renewable energy investing world for distinguishing high growth potential teams and strong project pipelines, and their significant support reflects the success of Revolution to date as well as their confidence in Spearmint’s ability to efficiently construct utility-scale BESS projects key to enabling the renewable energy transition.”
Angel Fierro, Managing Partner at Aiga Capital Partners, added: “Aiga’s financing has helped scale the Company’s development platform and complete the construction of its first 300 MWh project in ERCOT.
“Nuveen, an experienced and sophisticated energy transition investor, will be a valuable partner to help continue Spearmint’s buildout.”