The term loan supports the development of Spearmint’s 2.8 GW portfolio of battery energy storage system assets, which includes over 1.0 GW of projects nearing construction in Texas’ ERCOT power market as well as Revolution, Spearmint’s 150 MW, 300 MWh BESS project in West Texas. Revolution, which ranks among the largest BESS projects in the United States, recently commenced commercial operation to support a low-cost, clean, and resilient grid for homes and businesses throughout ERCOT.
Don Dimitrievich, Portfolio Manager for Nuveen’s Energy Infrastructure Credit team, said, “We look forward to our partnership with Spearmint Energy in conjunction with Aiga, as Spearmint continues to rapidly expand its enhanced credit facilities. Supporting decarbonization and best-in-class energy storage operators like Spearmint, which provides critical grid stabilization to achieve this goal, is a cornerstone of our business.”
Andrew Waranch, Founder, President, and Chief Executive Officer of Spearmint, added, “We are excited to welcome Nuveen as a financing partner alongside Aiga as we continue to advance the development of our BESS portfolio nationally. Both Nuveen and Aiga are well known in the renewable energy investing world for distinguishing high growth potential teams and strong project pipelines, and their significant support reflects the success of Revolution to date as well as their confidence in Spearmint’s ability to efficiently construct utility-scale BESS projects key to enabling the renewable energy transition.”
"Aiga is excited to partner with Nuveen to support the future growth of Spearmint, a market leader in energy storage,” said Angel Fierro, Managing Partner at Aiga Capital Partners. “Aiga’s financing has helped scale the Company’s development platform and complete the construction of its first 300 MWh project in ERCOT. Nuveen, an experienced and sophisticated energy transition investor, will be a valuable partner to help continue Spearmint’s buildout.”
