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, which has recently experienced a sea change due to increases in natural gas prices and load growth from technology, the weaker outlook for solar buildout, and higher industry-wide demand for renewable power.
“We named this Project “Revolution” because that’s exactly what battery energy storage represents – the start of a new future in renewable energy. Battery energy storage is a modern approach to solving the climate crisis that can increase grid resiliency and help to allow cleaner, lower-cost renewable energy connect to the grid. We are thrilled to be a part of this positive change,” said Richard Cardone, Chief Operating Officer of Spearmint.
“We are pleased to call a project of this caliber – located not only next to one of the largest wind turbine developments in the U.S., but also a massive solar field – our first, as it demonstrates Spearmint’s commitment to helping solve the climate crisis by developing best-in-class solutions that store and release renewable energy to power the grid. It is clear to us that the rapidly growing demand for flexible generation assets in ERCOT is just getting started, and as such, we hope that by continuing to acquire projects like this one, we will help solve congestion issues across the state while empowering others to assist in our country’s clean energy buildout,” said Andrew Waranch, Founder, President, and Chief Executive Officer of Spearmint.
The project is expected to reach notice to begin operation in the second quarter of 2023.
According to Mercom’s 1H and Q2 2022 Funding and M&A Report for Storage, Grid & Efficiency, there were 13 energy storage M&A transactions in 1H 2022 compared to nine in 1H 2021.