Spearmint Energy, a green merchant trading company developing, owning, operating, and trading around Battery Energy Storage, closed a $200 million credit facility with Aiga Capital Partners, an investment management firm providing flexible capital solutions to North American-based companies developing sustainable infrastructure assets.

The term loan will support the development of Spearmint’s 1.2 GW / 2.4 GWh portfolio of BESS assets in Texas’ ERCOT power market and continued expansion of the company’s innovative, utility-scale storage portfolio across the U.S.

Javelin Capital and Paul Hastings served as financial advisors and legal counsel, respectively, to Spearmint. Holland and Knight served as legal counsel for Aiga.

Andrew Waranch, Founder, President, and Chief Executive Officer of Spearmint, said, “This transaction represents a significant milestone for Spearmint as we continue to build out our best-in-class portfolio of battery energy storage assets across the ERCOT market specifically and U.S. broadly. This facility will enable Spearmint to accelerate the construction of our projects currently under development, capitalize on our strong pipeline of development opportunities, and reliably deliver renewable energy to the grid for years to come. We are pleased to have found a like-minded financing partner in Aiga and are grateful for their support of Spearmint’s mission.”

Angel Fierro, Managing Partner of Aiga, added, “Spearmint has cemented its position as a fast-growing owner, operator, and developer of battery energy storage assets, and we are excited to partner with the company at this critical point in its portfolio’s evolution. As a provider of capital solutions that help to catalyze the deployment of sustainable assets and accelerate the energy transition, Aiga is proud to finance Spearmint’s ongoing project development and looks forward to supporting the company’s growth.”

According to Mercom’s Q1 2023 Storage and Smart Grid Funding and M&A Report, Energy Storage project funding was $2 billion in nine deals in Q1 2023, compared to $749 million raised in seven deals in Q4 2022.

Ingrid Capacity, an energy storage project developer, recently secured SEK1 billion (~$96.7 million) financing for BW Energy Storage Systems, a battery storage subsidiary of BW Group. The funding will go towards the execution of a 400 MW pipeline of battery energy storage system projects and support the company’s expansion in Europe, Australia, and the US markets.