Spearmint Energy closes $47.5m Manulife storage project financing

February 7, 2024

Battery energy storage developer Spearmint Energy has successfully closed a $47.5 million project finance term loan – provided by financial services provider Manulife – that will support the commercial operation of Revolution, Spearmint’s 150 MW / 300 MWh battery energy storage system project located in West Texas’ ERCOT power market.

The Revolution project began commercial operations earlier this year.

Cory Magnuson, chief financial officer at 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 United States.”