Spearmint Energy has closed a $47.5 million project finance term loan from Manulife to support the commercial operation of Revolution, Spearmint’s 150 MW, 300 MWh BESS project in West Texas’ ERCOT market.
“We are proud to partner with Manulife, globally recognized 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,” says Spearmint CFO Cory Magnuson. “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.”
The close of the project finance term loan follows Revolution’s commercial operations launch earlier this year, as well as Spearmint’s prior securing of $92 million in tax equity financing from Greenprint Capital Management and $200 million in term loan financing from Aiga Capital Partners and Nuveen.
Javelin Capital supported Spearmint as financial advisor on the transaction and Paul Hastings LLP served as Spearmint’s legal counsel. Day Pitney served as legal counsel for Manulife.
The post Spearmint Energy Secures Loan from Manulife for ERCOT BESS Project appeared first on Solar Industry.
Spearmint Energy Secures Loan from Manulife for ERCOT BESS Project
Do you think this will change American lives for the better? If so, how?
Rewriting the U.S. Constitution will take some work, as I’m sure you’re aware.
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I can’t swear that the content of the meme here is accurate; in fact, most affluent Scandinavians I run across admit that they pay higher taxes than Americans.
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