Spearmint Energy closes $47.5 million project finance term loan

By Marisa Wong

Los Angeles, Feb. 6 – Spearmint Energy announced it closed a $47.5 million project finance term loan from Manulife, according to a press release.

The term loan will support the commercial operation of Revolution, Spearmint’s 150 MW, 300 MWh battery energy storage system project located in the Ercot power market of West Texas.

The company said the close of the project finance term loan follows the successful completion and launch of commercial operations of Revolution announced earlier this year, as well as the prior securing of $92 million of tax equity financing from Greenprint Capital Management and $200 million of term loan financing from Aiga Capital Partners and Nuveen.

Javelin Capital supported Spearmint as financial adviser on the transaction, and Paul Hastings LLP acted as legal counsel to Spearmint. Day Pitney LLP was legal counsel for Manulife.

Spearmint is a Miami-based renewable energy company focused on battery and solar project development, energy storage offtake and renewables power trading.

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