Florida-based Spearmint Energy said it has closed a $450 million financing package to support the installation of a standalone battery energy storage system (BESS) in Texas. In early May, the company said the financing supports Red Egret, a 300 MW/600 MWh BESS in Texas City, located southeast of Houston. On May 21, the company said the financing package includes a construction facility, an Investment Tax Credit (ITC) transfer and preferred equity. The Red Egret facility is already under construction. Spearmint Energy, which also has an office in Minnesota, is focused on developing, owning, operating and optimizing BESS to reduce grid volatility and increase electric system resilience. The company currently operates 350 MW/700 MWh of BESS in ERCOT territory in Texas, with other projects in development across the U.S. (evtx_block slug=”ep-2026-textblock”) “As aging grid infrastructure faces unprecedented growth in electricity demand, this financing supports Spearmint’s ability to increase energy resilience in ERCOT through battery energy storage systems,” it said. Andrew Waranch, founder, president and CEO of the Miami-based company. Spearmint. “Through our development of Red Egret, we are working to strengthen reliability and deliver safe, cost-effective power to homes and businesses in Texas City and across the Texas Gulf Coast.” The company said construction facilities for the project include financing totaling $225 million and are provided by a consortium of banks led by First Citizens Bank and Investec as coordinating lead arrangers and joint underwriters, Nord/LB as joint lead arranger and East West Bank as mandatory lead arranger. The construction facility will be repaid when commercial operations begin with $96 million of preferred equity investment secured by Nuveen Energy Infrastructure Credit, Nuveen’s infrastructure credit investment platform, backed by TIAA. The project will also receive around $126 million in revenue from an ITC transfer commitment. Red Egret is the fourth project built for Spearmint by Minnesota-based MA Mortenson Co., and is the fourth Spearmint project to use the PowerTitan platform supplied by Sungrow USA. The project is expected to be completed next year. It will take Spearmint’s overall operational portfolio to more than 1.5 GWh of total battery capacity across four projects. These include the Tierra Seca and Seven Flags facilities, each of which are 100 MW/200 MWh BESS located in Del Rio and Laredo, Texas. The projects came into service in December last year. —David Proctor is a senior editor at POWER.