Spearmint Energy, an energy storage project developer, announced the successful closure of a $92 million tax equity investment for a 150 MW/300 MWh battery energy storage project in West Texas provided by Greenprint Capital Management, an investment firm.
This marks one of the first applications of the Investment Tax Credit structure for a standalone battery energy storage system following the passing of the Inflation Reduction Act.
The project named Revolution reached its completion this summer and is scheduled to begin operations later this year. The project was constructed by M.A. Mortenson Company and used a battery system sourced from Sungrow.
Paul Hastings LLP and Leverage Law Group, LLC served as legal counsel to Spearmint and Greenprint, respectively.
“We are pleased to partner with Greenprint, well-recognized for providing capital to leading companies in renewable energy, as we embark on the final stages of testing at Revolution. As our nation continues to battle grid instability due to climate change, fluctuating oil and natural gas prices, and an increase in electricity demand, Spearmint is acutely focused on partnering with best-in-class firms like Greenprint to ensure we can efficiently offer low-cost renewable energy to markets in need. We are proud to be a first mover in leveraging the incentives of the Inflation Reduction Act to help fuel the growth of the clean energy revolution,” said Andrew Waranch, Founder, President, and Chief Executive Officer of Spearmint.
According to Mercom’s recently released 9M and Q3 2023 Energy Storage and Smart Grid Report, there were 26 announced Energy Storage project funding deals in 9M 2023, bringing in a combined $6.8 billion compared to $5.4 billion in 34 deals in 9M 2022.
Plus Power, a developer and owner of energy storage projects, recently announced the completion of $1.8 billion in new financing for standalone battery storage projects. The company will use the capital to fund the construction and operations of five projects.