Spearmint Vitality has closed a $47.5 million undertaking finance time period mortgage from Manulife to assist the business operation of Revolution, Spearmint’s 150 MW, 300 MWh BESS undertaking in West Texas’ ERCOT market.
“We’re proud to associate with Manulife, globally acknowledged for its sturdy monitor file of figuring out key market leaders and offering capital with significant outcomes, for considered one of its first ever investments in standalone battery storage,” says Spearmint CFO Cory Magnuson. “Our profitable closing of this mortgage amidst a extremely aggressive bidding course of displays Spearmint’s main place inside Texas’ fast-growing power storage market in addition to Revolution’s success thus far in supporting grid stability all through ERCOT.”
The shut of the undertaking finance time period mortgage follows Revolution’s business operations launch earlier this yr, in addition to Spearmint’s prior securing of $92 million in tax fairness financing from Greenprint Capital Administration and $200 million in time period mortgage financing from Aiga Capital Companions and Nuveen.
Javelin Capital supported Spearmint as monetary advisor on the transaction and Paul Hastings LLP served as Spearmint’s authorized counsel. Day Pitney served as authorized counsel for Manulife.
