Spearmint Energy – a next-generation renewable energy company enabling the clean energy revolution through battery energy – recently announced it has successfully closed a $92 million tax equity investment in its Revolution project provided by Greenprint Capital Management, which is an investment firm focused on financing climate positive solutions and specializing in certificated renewable energy tax credit acquisitions.
Greenprint’s investment in Revolution, a 150 MW / 300 MWh battery energy storage project located in West Texas, is one of the first applications of the Investment Tax Credit structure for a standalone battery energy storage system following the passing of the Inflation Reduction Act.
Revolution has reached mechanical completion this summer and is scheduled to begin operations later this year. And the project – which is expected to be one of the largest batteries in the United States – will help strengthen Texas’ energy storage capabilities, provide a resilient electric grid for homes and businesses during times of extreme weather and increase access to renewable energy solutions across the ERCOT system.
KEY QUOTES:
“We 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. We are proud to be a first mover in leveraging the incentives of the Inflation Reduction Act to help fuel the growth of the clean energy revolution.”
— Andrew Waranch, Founder, President, and Chief Executive Officer of Spearmint
“Spearmint 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. We look forward to a long-term partnership.”
— Peter DeFazio, Managing Director of Greenprint
