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Project Finance Brief: Spearmint Energy Secures $250 Million for BESS Projects

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					</table><p>From: <a href="https://mercomcapital.com/project-finance-brief-spearmint-energy-bess-projects/" target="_blank" rel="noopener">Mercom Capital Group</a></p>
<p><strong>Spearmint Energy, a utility-scale battery storage project developer, </strong><a href="https://mercomcapital.com/spearmint-energy-secures-250-million-financing-battery-storage-projects/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> more than $250 million in financing for the construction and development</strong> of two 100 MW/200 MWh Tierra Seca and Seven Flags battery energy storage projects located in Del Rio and Laredo, respectively, within the Texas ERCOT power market. The financing package includes $59 million in construction-to-term loan facilities, $95 million in tax equity bridge loan facilities, and $98 million in tax equity commitments.</p>
<p><strong>True Green Capital Management, a renewable energy infrastructure investment firm, has announced the </strong><a href="https://mercomcapital.com/true-green-capital-management-acquires-64-mw-of-solar-projects/" target="_blank" rel="noopener"><strong>acquisition</strong></a><strong> of 64 MW of operational solar projects</strong> from Ecofin US Renewables Infrastructure Trust PLC through its fourth fund. The assets consist of 62 geographically diversified projects located across seven states and four markets. The states include New Jersey, California, Massachusetts, Minnesota, Virginia, and Delaware, while the power markets include PJM, CAISO, ISO-NE, and MISO.</p>
<p><strong>Enlight, a renewable energy project developer, has </strong><a href="https://mercomcapital.com/enlight-secures-243-million-in-funding-for-quail-ranch-project/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> $243 million in financing for its Quail Ranch project near Albuquerque, New Mexico</strong>. The funding was arranged through its U.S. subsidiary, Clenera Holdings. The project consists of 128 MW solar, along with a 400 MWh battery storage project. It is expected to reach commercial operation by the end of 2025. Offtake for both generation and storage volumes is secured by a 20-year busbar PPA with the Public Service Company of New Mexico.</p>
<p><strong>Catalyze, a project developer and independent power producer of distributed renewable energy assets, </strong><a href="https://mercomcapital.com/catalyze-secures-financing-distributed-energy-portfolio/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> $85 million in tax equity investment from RBC Community Investments (RBC).</strong> The financing will be used to construct and complete approximately 75 MW of commercial, industrial, and community solar projects across the U.S. in 2025. The company’s distributed generation portfolio now totals 300 MW of projects in operations and construction.</p>
<p><strong>Palladium Energy, a renewable energy project developer, <a href="https://mercomcapital.com/exus-acquires-solar-plus-storage-project-portfolio/" target="_blank" rel="noopener">announced</a> the sale of a 364 MW solar plus 280 MWh storage portfolio to Exus Renewables North America</strong> (Exus) through its joint venture with Arava Power, a utility-scale renewable energy project developer.</p>
<p>Click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a> for reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors.</p>
<p>Read last week’s project finance <a href="https://mercomcapital.com/project-finance-brief-octopus-financing-solar-storage/" target="_blank" rel="noopener">brief</a>.</p>



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					</table><p>From: <a href="https://mercomcapital.com/project-finance-brief-vesper-energy-solar-project/" target="_blank" rel="noopener">Mercom Capital Group</a></p>
<p><strong>Vesper Energy, a developer, owner, and operator of utility-scale renewable energy projects, </strong><a href="https://mercomcapital.com/vesper-energy-secures-590-million-financing-for-hornet-solar-project/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> $590 million in debt financing for the Hornet Solar power project</strong> in Texas. The Hornet Solar project is being developed in Swisher County, Texas, and will have a capacity of 600 MWac/ 745 MWdc. It is expected to generate enough to power 160,000 homes annually. The company secured a debt financing package, which also consists of a construction-to-term loan and a letter of credit facility.</p>
<p><strong>Grenergy, an independent solar and wind power producer, </strong><a href="https://mercomcapital.com/grenergy-sells-solar-and-wind-projects-in-peru/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the sale of 97 MW of solar assets located in the department of Arequipa in Peru to Yinson Renewables</strong>, the renewables unit of the multinational energy infrastructure company Yinson, and 77 MW of wind assets in Peru to ENGIE Energía Perú. The combined value of the transactions amounts to $150 million, which could rise to $154 million depending on meeting certain operational milestones.</p>
<p><strong>Cleantech Solar, a provider of solar energy for commercial &amp; industrial customers in India and Southeast Asia, has </strong><a href="https://www.mercomindia.com/cleantech-for-open-access-solar-projects" target="_blank" rel="noopener"><strong>secured</strong></a><strong> a long-term senior secured loan</strong> of ₹6.25 billion (~$75 million) from Tata Capital to expand open access renewable energy projects across India. Cleantech said the funds will be used for the construction, development, and operation of its under-construction pipeline of open access solar and wind parks.</p>
<p><strong>Spearmint Energy, an energy storage project developer, </strong><a href="https://mercomcapital.com/spearmint-energy-announces-200-million-enhanced-credit-facility/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the addition of Nuveen to its $200 million enhanced credit facility with Aiga Capital Partners</strong>. The term loan will support the development and construction of a 2.8 GW portfolio of battery energy storage system assets. The portfolio includes over 1 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.</p>
<p><strong>The Asian Development Bank (ADB) has </strong><a href="https://www.mercomindia.com/adb-%e2%82%b912-5-billion-currency-bond-finance-green-projects" target="_blank" rel="noopener"><strong>raised</strong></a><strong> ₹12.5 Billion (~$150 million) through green bonds, making it the largest Indian rupee bond to date</strong>. The proceeds from this bond will be used to finance ADB’s private-sector renewable energy projects and for green financing.</p>
<p>Click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a> for reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors.</p>
<p>Read last week’s project finance <a href="https://mercomcapital.com/project-finance-goldenpeaks-acquires-solar-projects-poland/" target="_blank" rel="noopener">brief</a>.</p>


Project Finance Brief: Vesper Energy Secures $590 Million for Solar Project


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					</table><p><a href="https://spearmintenergy.com/" target="_blank" rel="noopener">Spearmint Energy</a>, a green merchant trading company that develops, owns, and operates trading around battery energy storage systems (BESS), has acquired a portfolio of 900 MW BESS assets, collectively known as Nomadic.</p>
<p>The Nomadic BESS portfolio comprises three projects, each with a target capacity of 300 MW. It is located in Cooke, Galveston, and Brazoria counties in Texas and has a capacity of up to 900 MW and 2,000 MWh.</p>
<p>The portfolio will serve the Electric Reliability Council of Texas (ERCOT) market, where the demand for renewable energy generation has increased after the winter storm Uri and the passing of the Inflation Reduction Act.</p>
<p>The company said the acquisition will it expand its BESS portfolio.</p>
<p>The first project within the Nomadic portfolio is expected to reach notice to proceed in early 2024 and begin commercial operation within 12-18 months.</p>
<p>Founder, President, and CEO of Spearmint Andrew Waranch said, “A collection of state-of-the-art energy storage projects, Nomadic will enable Spearmint to continue to execute our mission of facilitating the clean energy revolution through the delivery of renewable power to the grid efficiently, safely, and where communities need it most.”</p>
<p>Nomadic marks Spearmint’s second acquisition since the company’s launch in May 2022 and follows Spearmint’s <a href="https://cms.mercomindia.com/project-finance-brief-spearmint-energy-acquires-storage-project/" target="_blank" rel="noopener">acquisition</a> of Revolution, a 150MW/300 MWh project in West Texas from Con Edison Development, a wholly owned subsidiary of Con Edison Clean Energy Businesses.</p>
<p>Located adjacent to the King Mountain Wind Farm in the Lower Colorado River Authority Territory, Revolution will provide battery energy storage assets to West Texas’ ERCOT market. The construction of the project commenced in late November 2022 and is expected to commence commercial operations in mid-2023.</p>
<p>According to a recent BloombergNEF report, the U.S. <a href="https://www.mercomindia.com/us-renewable-power-capacity-2022-report" target="_blank" rel="noopener">commissioned</a> about 4.8 GW in non-hydropower storage capacity to bring total capacity to 11.4 GW in 2022. Despite supply chain challenges delaying some project pipelines, the U.S. continues to be the largest energy storage market in the world.</p>


Spearmint Energy Acquires 900 MW Battery Storage Portfolio in Texas

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