Spearmint Energy has successfully closed a US$92m tax equity investment in its 150MW Revolution battery storage project provided by Greenprint Capital Management.
Greenprint’s investment in Revolution, located in west Texas, marks one of the first applications of the Investment Tax Credit structure for a standalone battery energy storage system following the passing of the Inflation Reduction Act.
Andrew Waranch, founder, president, and chief executive of Spearmint, said: “We are pleased to partner with Greenprint, well-recognized for providing capital to leading companies in renewable energy, as we embark on the final stages of testing at Revolution.
“As our nation continues to battle grid-instability due to climate change, fluctuating oil and natural gas prices, and an increase in electricity demand, Spearmint is acutely focused on partnering with best-in-class firms like Greenprint to ensure we can efficiently offer low-cost renewable energy to markets in need.
“We are proud to be a first mover in leveraging the incentives of the Inflation Reduction Act to help fuel the growth of the clean energy revolution.”
Revolution reached mechanical completion this summer and is scheduled to begin operations later this year.
The project, which is expected to be one of the largest batteries in the United States, will help strengthen Texas’ energy storage capabilities and bolster access to renewable energy solutions across the ERCOT system.
Peter DeFazio, managing director of Greenprint, said: “Spearmint has proven itself as an innovative, strategic, and ahead-of-the-curve owner/operator of battery energy storage assets.
“We are proud to offer our financial support to the Company at this pivotal point in the energy transition of our country following the positive changes brought about by the Inflation Reduction Act.
“We look forward to a long-term partnership.”