Spearmint Energy Secures $47.5 Million Project Finance Term Loan from Manulife for Battery Energy Storage Project in ERCOT
Summary
The term loan will support the commercial operation of Revolution, Spearmints 150 MW, 300 MWh battery energy storage system ("BESS") project located in West Texas ERCOT power market.Cory Magnuson, Chief Financial Officer of Spearmint, said, "We are proud to partner with Manulife, globally recognized for its strong track record of identifying key market leaders and providing capital with meaningful outcomes, for one of its first ever investments in standalone battery storage. "Michael Switt, Vice President, Global Power & Infrastructure Debt, at Manulife, said, "We are excited to participate in Revolutions financing and support the deployment of grid-scale battery storage across ERCOT and the US broadly. "The close of the project finance term loan follows the successful completion and launch of commercial operations of Revolution announced earlier this year, as well as Spearmints prior securing of $92 million in tax equity financing from Greenprint Capital Management as well as $200 million in term loan financing from Aiga Capital Partners and Nuveen.Javelin Capital supported Spearmint as financial advisor on the transaction and Paul Hastings LLP served as legal counsel to Spearmint. The Paul Hastings team included partners Luis F. Gomar and Jason H. Busch with assistance from Elena Rodriguez and Vanessa Parada. The Spearmint platform is comprised of three distinct strategies, including battery and solar project development, energy storage offtake, and renewables power trading.