The funding will support a 300-MW/600-MWh battery energy storage system in Texas City, enhancing grid resilience in ERCOT.
Spearmint Energy has secured $450 million in financing for the Red Egret battery energy storage system (BESS) in Texas. The project, a 300-MW/600-MWh installation, is already under construction in Texas City, southeast of Houston.
The financing package includes a $225 million construction facility led by First Citizens Bank and Investec, alongside an Investment Tax Credit transfer and preferred equity. Spearmint currently operates 350 MW/700 MWh of BESS in ERCOT and is developing additional projects across the U.S.
The company stated the project aims to address grid volatility and rising electricity demand in Texas, delivering cost-effective power to the Texas Gulf Coast region.