Spearmint Energy has announced to close a $92 million tax equity investment in its project Revolution offered by Greenprint Capital Management.
Spearmint Energy is a renewable energy company offering clean energy storage. The Project Revolution is a 150 MW, 300 MWh battery energy storage project located in West Texas.
The project plans to utilize applications of the Investment Tax Credit structure for a standalone battery energy storage system after the passing of the Inflation Reduction Act.
Andrew Waranch, Founder, President, and Chief Executive Officer of Spearmint, said, “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,”
Peter DeFazio, Managing Director of Greenprint, added, “Spearmint has proven itself as an innovative, strategic, and ahead-of-the-curve owner/operator of battery energy storage assets.”
“We are proud to offer our financial support to the Company at this pivotal point in the energy transition of our country following the positive changes brought about by the Inflation Reduction Act. We look forward to a long-term partnership,”
The project is complete as it is aimed to start operations in 2023, the report claimed. The company claims it to be one of the largest batteries in the United States and will give “an electric grid for homes and businesses during times of extreme weather” to support access to renewable energy solutions across the ERCOT system.
