Spearmint Energy Secures $325 Million Debt Facility to Accelerate Next Generation Energy Storage

Strategic Investment Supports Energy Resilience Through Platform Optimizations and Scale

MIAMI--(BUSINESS WIRE)--Spearmint Energy (“Spearmint” or the “Company”) a next-generation energy company bringing stable, secure and cost-effective energy solutions to the power grid with large-scale battery storage, has secured a $325 million expanded debt facility in partnership with Nuveen Energy Infrastructure Credit (“Nuveen EIC”), Elda River Capital Management (“Elda River”), Harrison Street Asset Management (“Harrison Street”), and Aiga Capital Partners (“Aiga”). The debt facility strengthens Spearmint’s capital base and supports strategic initiatives aligned with its mission to deliver safe, stable, and affordable energy through battery storage solutions.

Spearmint expects to leverage the capital to advance its operating portfolio, including Tierra Seca, Seven Flags, and Revolution, and development portfolio with projects throughout the United States. The expanded debt facility further enhances Spearmint’s financing flexibility, enabling the Company to support operating assets, fund strategic initiatives across its platform, and capitalize on additional storage opportunities as demand for reliable power infrastructure continues to grow.

“We are pleased to secure this debt financing from Nuveen EIC, Elda River, Harrison Street, and Aiga as we accelerate the deployment and optimization of battery storage to reduce grid volatility, increase resilience, and help ensure power is available whenever and wherever it is needed,” said Andrew Waranch, Founder, President, and Chief Executive Officer of Spearmint. “As energy demand continues to rise, now faster than ever, this growth capital will help us continue to deliver safe and affordable energy across the country.”

“Battery storage is becoming an increasingly important part of the nation’s energy infrastructure, and Spearmint is helping to advance that buildout with high-quality assets and a clear growth strategy,” said Don Dimitrievich, Head of Nuveen Energy Infrastructure Credit. “We are pleased to support the Spearmint team through this debt facility as they continue to expand access to reliable, resilient power for American consumers.”

This investment builds on recent momentum within Spearmint, most recently the approximately $450 million in project financings to support Red Egret, a 300 MW/ 600 MWh standalone battery project currently under construction in Texas City, Texas, and preceded by financing from Kyuden International Corporation for two 100 MW/ 200 MWh BESS projects based in ERCOT, Tierra Seca and Seven Flags, which commenced operations late last year.

About Spearmint Energy

Spearmint Energy is a leading company focused on developing, owning, operating, and optimizing battery energy storage systems ("BESS") to reduce grid volatility and increase system resiliency. Spearmint currently operates 350 MW/ 700 MWh in ERCOT with an additional 300 MW / 600 MWh under construction and has projects under development throughout the United States. Headquartered in Florida, with an additional office in Minnesota, the Company employs over 60 professionals and is guided by strong values rooted in people, partnerships, and the planet. For more information, please visit: https://www.spearmintenergy.com/