MIAMI & HOUSTON–(BUSINESS WIRE)–Spearmint Energy (“Spearmint” or the “Company”), a next-generation renewable energy company enabling the clean energy revolution through battery energy storage, today announced that Elda River Capital Management, LLC (“Elda River”), a real assets investment firm focused on energy transition and infrastructure opportunities, has joined its $200 million enhanced credit facility alongside Nuveen’s Energy Infrastructure Credit team and Aiga Capital Partners (“Aiga”).

The term loan supports the continued development and operation of Spearmint’s 4.1 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 commercially operating, 150 MW / 300 MWh BESS project in West Texas. The loan will also support the continued expansion of Spearmint’s project development pipeline across the U.S.

Craig Rohr, Partner and Co-Founder of Elda River, said, “Spearmint has distinguished itself as a leader in both developing and safely operating utility-scale BESS projects in ERCOT and ISOs nationally. As we continue to focus our efforts on identifying and providing capital to exceptional companies that are championing the energy transition, we are excited to partner with the Nuveen Energy Infrastructure Credit and Aiga teams to support the strategic growth and development of Spearmint’s BESS portfolio.”

Cory Magnuson, Chief Financial Officer of Spearmint, added, “We are proud to welcome Elda River as a financing partner as we continue growing our BESS portfolio and developing our project pipeline. The Elda River team has a proven track record of successfully investing in the renewable energy and infrastructure sectors and shares our mission of enabling nationwide access to cost-effective clean energy. Their partnership further underscores investors’ trust in Spearmint’s ability to meaningfully contribute to a greener future through battery energy storage.”

Don Dimitrievich, Portfolio Manager for Nuveen’s Energy Infrastructure Credit team, said, “We are very pleased with Spearmint’s continued progress on developing and operating their best-in-class BESS assets. The addition of Elda River as a financing partner is a testament to Spearmint’s success and substantial pipeline. We are excited to partner with Elda River, alongside the continued support of Aiga.”

In June 2023, Spearmint secured its $200 million term loan with Aiga, an investment management firm that provides flexible capital solutions to North American-based companies developing sustainable infrastructure assets. 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, invested as a co-anchor in December 2023.

About Spearmint Energy

Spearmint Energy (“Spearmint” or the “Company”) is a next-generation renewable energy company enabling the clean energy revolution through battery energy storage systems (“BESS”). Spearmint develops, installs, owns, operates, and optimizes BESS with the aim of reducing grid volatility, increasing system resiliency, and minimizing carbon emissions in a responsible and efficient manner. As of Q2 2024, the Company operates a 150MW/300 MWh BESS project in West Texas, and has more than 20 projects, totaling over 10 GWh of capacity, under development in 10+ states across 4 U.S. regions. Headquartered in Miami, with an additional office in Minneapolis, Spearmint employs over 50 professionals and strives to be the preeminent green merchant energy company. For more information, please visit: https://www.spearmintenergy.com/

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