Spearmint Energy, a next-generation renewable energy and battery storage company, announced the close of a $200 million credit facility with Aiga Capital Partners, an investment management firm providing capital solutions to North American-based companies developing sustainable infrastructure assets.
The term loan will support the development of Spearmint’s 1.2 GW / 2.4 GWh portfolio of BESS assets in Texas’ ERCOT power market and continued expansion of the Company’s utility-scale storage portfolio across the U.S.
Spearmint’s portfolio of BESS assets in ERCOT is currently comprised of a 300 MWh battery energy storage project known as Revolution, and three battery energy storage projects, each with a target capacity of 300 MW, known collectively as Nomadic.
Battery woes in Texas
Throughout a half-dozen warnings and conservation requests over the end of the summer, grid-scale battery storage helped the Texas grid survive fossil fuel generation outages and a brutal heatwave.
But the ERCOT, the grid operator, appears poised to implement new regulations that advocates say would stifle battery storage development in the state.
The rules would require battery storage assets to maintain a two-hour state of charge, but some battery companies say these new rules would slow growth and make their jobs harder.
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