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Spearmint Energy secures US$47.5 million loan from Manulife for BESS project

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Energy Global,

Spearmint Energy, a next-generation renewable energy company enabling the clean energy revolution through battery energy storage, has closed a US$47.5 million project finance term loan from Manulife, a global financial services provider. The term loan will support the commercial operation of Revolution, Spearmint’s 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 recognised 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. Our successful closing of this loan amidst a highly competitive bidding process reflects Spearmint’s leading position within Texas’ fast-growing energy storage market as well as Revolution’s success to date in supporting grid stability throughout ERCOT.”

Michael Switt, Vice President, Global Power & Infrastructure Debt, at Manulife, added: “We are excited to participate in Revolution’s financing and support the deployment of grid scale battery storage across ERCOT and the US broadly. Spearmint has distinguished itself from peers through its efficient operation, innovative approach, and diversified pipeline in key energy markets, and we look forward to the long-term positive impact our investment will have on enabling the renewable energy transition in the US.”

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 Spearmint’s prior securing of US$92 million in tax equity financing from Greenprint Capital Management and US$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. Manulife was supported on the transaction by Day Pitney LLP as Legal Counsel. The Day Pitney team included Partner Paul Belval, with assistance from Samantha M. Regan, Gemma R. Cashman and Sarah Thompson.



For more news and technical articles from the global renewable industry, read the latest issue of Energy Global magazine.

Energy Global's Winter 2023 issue

The Winter 2023 issue of Energy Global hosts an array of technical articles weather analysis, geothermal solutions, energy storage technology, and more. This issue also features a regional report looking at the future of renewables in North America, and a report from Théodore Reed-Martin, Editorial Assistant, Energy Global, on how Iceland utilises its unique geology for renewable energy.

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