Spearmint Energy Funds Texas Battery Project

Spearmint Energy secured US$450 million to build a 300MW/600MWh battery energy storage system in Texas City, Texas. The financing package combines construction loans, preferred equity, and potential investment tax credit transfers. First Citizens Bank and Investec lead a banking consortium providing US$225 million for construction, while Nuveen Energy Infrastructure Credit contributes US$96 million in equity.

Construction began recently with Mortenson as the EPC firm. Spearmint intends to use 149 Sungrow PowerTitan 2.0 BESS solutions, each combining a 5MWh battery with a 2.5MW PCS. The Red Egret project needed revisions after initial community concerns, leading to a move to a 38-acre industrial site.

Commercial operation is scheduled for 31 August, but the company has not detailed if it will upgrade to the newer PowerTitan 3.0 system released in June 2025. The project relies on an interconnection agreement with Texas-New Mexico Power.