Project Finance Brief: Spearmint Energy Acquires 150 MW Battery Energy Storage Project

Spearmint Energy, a green merchant trading company developing, owning, operating, and trading around Battery Energy Storage, acquired the 150 MW Revolution battery energy storage project from Con Edison Development, a wholly owned subsidiary of Con Edison Clean Energy Businesses. 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.

ENCAVIS, an independent power producer, has secured €47.7 million (~48.42m) from Dutch Rabobank to refinance a 74 MW solar portfolio in the Netherlands. All systems have been operational since 2021 and benefit from the Dutch remuneration system SDE+, which provides for a fixed feed-in tariff for around 15 years. The financing of the solar projects has a term ending on June 30, 2039. It is divided into a “Floating Rate Facility,” which is fully interest-secured over the term of the loan through an interest rate swap for €24.7 million (~$25.23 million), a €19 million (~$19.41 million) Fixed Rate Facility and a €4.0 million (~$4.09 million) Debt Service Reserve Facility.

Idemitsu Renewables, a project developer and an independent power producer, raised $61 million in tax equity and debt financing for its 73 MW Luciana Solar Project in Tulare County, California. Morgan Stanley Renewables provided the tax equity, and Rabobank provided the debt financing for the solar project. The project began its commercial operation in May 2022, owned and operated by Idemitsu Renewables.

Opdenergy, an independent renewable energy producer, has signed a green financing agreement with ING, an investment firm of € 107 million (~$109 million) for constructing and commissioning 167 MW of solar PV portfolio in Spain. The green financing, which has a Second Party Opinion from Mercados Aries, has an 11-year tenor (including the construction phase). The total amount includes a long-term project finance senior debt, a PPA guarantee facility, and a credit facility to cover the debt service reserve account.

Spruce Power, a distributed generation solar systems owner and operator in the U.S., has acquired Level Solar’s entire portfolio of 2,637 rooftop solar assets totaling 16.5 MW. Long Island-based SUNation Energy has managed the 2,637 rooftop solar arrays since 2017. Spruce Power’s portfolio has grown to more than 335 MW.

Energiequelle, a developer, has sold Decize solar project to Watt & Co, a project developer. The centrally located project in France has a total output of 14.7 MWp and has been built with 36,000 modules on around 15 hectares. The French Energiequelle subsidiary P&T developed the project in cooperation with EREA Ingenierie.

Cypress Creek Renewables, a project developer and an independent power producer, acquired a 100 MW solar transmission project from Carson Power, a solar and storage developer. The project will be added to the company’s New York Independent System Operator (NYISO) development portfolio. The project is in Rochester, New York, U.S., currently in the early stages of development and is expected to be operational by 2026.

For reports and trackers on funding and M&A transactions in solar, energy storage, smart grid, and efficiency sectors, click here.

Read last week’s project finance brief.