May 22, 2026
Announced 21 May, the BESS is located in Texas City, Texas, US, and the financing package includes a construction facility, an investment tax credit (ITC) transfer, and preferred equity. Image: Revolution BESS / Spearmint Energy.
Battery storage developer and operator Spearmint Energy has closed a US$450 million financing to support its 300MW/600MWh Red Egret battery energy storage system (BESS) project.
Announced 21 May, the BESS is located in Texas City, Texas, US, and the financing package includes a construction facility, an investment tax credit (ITC) transfer, and preferred equity.
The construction facility is made up of financing to construct the project totaling US$225 million and is provided by a consortium of banks led by First Citizens Bank and Investec as coordinating lead arrangers and joint bookrunners, Nord/LB as joint lead arranger and East West Bank as mandated lead arranger.
