Spearmint Energy – a next-generation renewable energy company enabling the clean energy revolution through battery energy storage – announced the addition of Nuveen to its $200 million enhanced credit facility with Aiga Capital Partners.
Nuveen’s Energy Infrastructure Credit team, which provides private debt and structured equity solutions to assist companies transitioning to a low-carbon economy while also ensuring energy security, joins the term loan along with Aiga, an investment management firm providing flexible capital solutions to North American-based companies developing sustainable infrastructure assets.
The term loan also supports the development of Spearmint’s 2.8 GW portfolio of battery energy storage system (BESS) assets, which includes over 1.0 GW of projects nearing construction in Texas’ ERCOT power market and Revolution, Spearmint’s 150 MW, 300 MWh BESS project in West Texas. And 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.
KEY QUOTES:
“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.”
– Don Dimitrievich, Portfolio Manager for Nuveen’s Energy Infrastructure Credit team
“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.”
– Andrew Waranch, Founder, President, and Chief Executive Officer of Spearmint
“Aiga is excited to partner with Nuveen to support the future growth of Spearmint, a market leader in energy storage. 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.”
– Angel Fierro, Managing Partner at Aiga Capital Partners
