Spearmint Energy, a leading renewable energy company facilitating the clean energy transition through battery energy storage, has announced that Elda River Capital Management, LLC, a real assets investment firm focused on energy transition and infrastructure, has joined its $200 million enhanced credit facility.
This initiative also includes Nuveen’s Energy Infrastructure Credit team and Aiga Capital Partners.
Strengthening Financial Backing
The term loan will bolster the ongoing development and operation of Spearmint’s 4.1 GW portfolio of battery energy storage system (BESS) assets.
This includes over 1 GW of projects nearing construction within Texas’ ERCOT power market and Revolution, a commercially operating 150 MW / 300 MWh BESS project in West Texas.
Additionally, the loan will support the continued expansion of Spearmint’s project development pipeline across the United States.
Leadership in Utility-Scale BESS Projects
“Spearmint has set itself apart as a leader in both the development and safe operation of utility-scale BESS projects in ERCOT and other ISOs nationwide. As we continue to concentrate on identifying and financing exceptional companies driving the energy transition, we are excited to collaborate with the Nuveen Energy Infrastructure Credit and Aiga teams to support the strategic growth of Spearmint’s BESS portfolio,” said Craig Rohr, Partner and Co-Founder of Elda River.
Strategic Partnership and Growth
Cory Magnuson, Chief Financial Officer of Spearmint, added, “We are proud to welcome Elda River as a financing partner as we expand our BESS portfolio and develop our project pipeline. The Elda River team has a proven record of successful investments in the renewable energy and infrastructure sectors, sharing our mission to enable nationwide access to cost-effective clean energy. Their partnership further underscores the confidence investors have in Spearmint’s ability to significantly contribute to a greener future through battery energy storage.”
Continued Support and Progress
Don Dimitrievich, Portfolio Manager for Nuveen’s Energy Infrastructure Credit team, remarked, “We are very pleased with Spearmint’s ongoing progress in developing and operating their top-tier BESS assets. The inclusion of Elda River as a financing partner is a testament to Spearmint’s success and robust pipeline. We are excited to partner with Elda River, alongside the continued support of Aiga.”
Securing Financial Milestones
In June 2023, Spearmint secured its $200 million term loan with Aiga, an investment management firm providing flexible capital solutions to North American companies developing sustainable infrastructure assets.
Nuveen’s Energy Infrastructure Credit team, which offers private debt and structured equity solutions to support companies transitioning to a low-carbon economy while ensuring energy security, invested as a co-anchor in December 2023.
Facilitating Clean Energy Access
With this strengthened financial backing, Spearmint Energy continues to advance its mission of facilitating access to clean, cost-effective energy across the United States.
The support from Elda River, Nuveen, and Aiga underscores the confidence in Spearmint’s vision and capability to lead the renewable energy transition through innovative battery energy storage solutions.