Spearmint Energy Secures $450M Financing for Red Egret BESS Project in Texas
Spearmint Energy has secured approximately $450 million to construct a 300MW/600MWh battery energy storage system (BESS) called the Red Egret project, located in Texas City and integrated into ERCOT. The financing includes a construction facility of $225 million led by banks like First Citizens Bank and Investec, along with preferred equity from Nuveen Energy Infrastructure Credit ($96 million), supported by TIAA, and an ITC transfer commitment worth around $126 million.
Topics: battery energy storage system ERCOT grid project financing