Overview
- Spearmint announced the close of roughly $450 million in project financing for Red Egret, a 300 MW / 600 MWh standalone battery energy storage system in Texas City.
- The capital stack comprises a $225 million construction facility led by First Citizens Bank and Investec, about $126 million of proceeds from an Investment Tax Credit (ITC) transfer, and $96 million of preferred equity from Nuveen/TIAA.
- Construction has begun under EPC Mortenson using Sungrow PowerTitan technology, with public filings listing 149 PowerTitan 2.0 units and the company guiding to project completion in 2027 while a PUC filing shows a provisional commercial operation date of 31 August 2026.
- Spearmint revised the site after local feedback and has relocated Red Egret to a 38-acre heavy-industrial parcel on the northwestern outskirts of Texas City to address community and zoning concerns.
- Red Egret expands Spearmint’s ERCOT footprint toward an operating portfolio above 1.5 GWh and illustrates how ITC transfers plus bank debt and preferred equity are used to reduce upfront cost and attract institutional capital for grid-scale storage.