Miami-headquartered battery energy storage developer Spearmint Energy has closed a $92 million Greenprint Capital Management tax equity investment in a 150 MW / 300 MWh battery energy storage project located in west Texas.
A Spearmint Energy statement said the investment in the project, called â€˜Revolutionâ€™, represented â€œone of the first applications of the investment tax credit structure for a standalone battery energy storage system following the passing of the Inflation Reduction Actâ€.
Revolution reached mechanical completion this summer and is scheduled to begin operations later this year.
Andrew Waranch, founder, president, and CEO of Spearmint, said: â€œWe are pleased to partner with Greenprint, well-recognized for providing capital to leading companies in renewable energy, as we embark on the final stages of testing at Revolution. As our nation continues to battle grid-instability due to climate change, fluctuating oil and natural gas prices, and an increase in electricity demand, Spearmint is acutely focused on partnering with best-in-class firms like Greenprint to ensure we can efficiently offer low-cost renewable energy to markets in need.â€
Peter DeFazio, managing director of Greenprint, added: â€œSpearmint has proven itself as an innovative, strategic, and ahead-of-the-curve owner/operator of battery energy storage assets. We are proud to offer our financial support to the company at this pivotal point in the energy transition of our country following the positive changes brought about by the Inflation Reduction Act.â€
Paul Hastings LLP and Leverage Law Group, LLC served as legal counsel to Spearmint and Greenprint, respectively. The Revolution project uses a battery system supplied by Sungrow USA Corporation and was constructed by the M.A. Mortenson Company.