Battery energy storage developer Spearmint Energy has announced that Elda River Capital Management has joined its US$200m enhanced credit facility alongside Nuveen’s Energy Infrastructure Credit team and Aiga Capital Partners.
The term loan supports the continued development and operation of Spearmint’s 4.1GW portfolio of battery energy storage system assets.
This includes over 1GW of projects nearing construction in Texas’ ERCOT power market and Revolution, Spearmint’s commercially operating, 150 MW/300MWh BESS project in West Texas.
The loan will also support the continued expansion of Spearmint’s project development pipeline across the US.
Craig Rohr, partner and co-founder of Elda River, said: “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, added: “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$200m term loan with Aiga, an investment management firm that provides flexible capital solutions to North American-based companies developing sustainable infrastructure assets.
Nuveen’s Energy Infrastructure Credit team, which provides private debt and structured equity solutions to assist companies transitioning to a low carbon economy while also ensuring energy security, invested as a co-anchor in December 2023.