Tierra Seca BESS (100 MW / 200 MWh, Del Rio TX) + Seven Flags BESS (100 MW / 200 MWh, Laredo TX) — combined 200 MW / 400 MWh
Spearmint Energy closes $252M for two ERCOT BESS projects. $59M construction-to-term debt (Manulife) + $95M tax equity bridge (East West Bank, Investec) + $98M tax equity (Sugar Creek Capital). Both projects under construction by M.A. Mortenson; Sungrow PowerTitan 2.0 BESS systems. COD late December 2025.
$252M
Deal Value
200MW
Capacity
400MWh
Storage
Battery Storage
Technology
TX
Location
Deal Details
- Deal Type
- Project Finance
- Seller / Sponsor
- Spearmint Energy
- Buyer / Financier
- Manulife (construction-to-term lender), East West Bank, Investec (tax equity bridge), Sugar Creek Capital (tax equity)
- Deal Value
- $252M
- Stage
- Construction
- ISO/RTO
- ERCOT
Service Providers
Advisory & Legal
- developerCounsel
- Paul Hastings
Finance Counterparties
Lenders & Capital Providers
- constructionDebtArrangers
- Manulife
- taxEquityBridge
- East West BankInvestec
- taxEquityProviders
- Sugar Creek Capital
- constructionDebtAmount
- $59M
- taxEquityBridgeAmount
- $95M
- taxEquityAmount
- $98M
Related Deals
Moment Energy Series B — capitalizes North American second-life EV battery storage factory (the company has stated it will be the world's largest second-life battery factory)
Moment Energy → Evok Innovations (lead); Liberty Mutual Investments; W23 Global; Acario (Tokyo Gas CVC); existing investors: Amazon Climate Pledge Fund, Voyager Ventures, In-Q-Tel
$40M
GridStor Hidden Lakes Reliability Project — 220 MW / 440 MWh BESS, Galveston County TX — Axpo Revenue Swap (100 MW)
GridStor (Goldman Sachs Asset Management) → Axpo U.S.
FlexGen acquires Clean Energy Services (CES) — BESS commissioning and O&M platform (15+ GWh commissioned)
Clean Energy Services LLC (CES) → FlexGen Power Systems
Boxcar Battery Energy Storage System — 300 MWh / 150 MW BESS, Wylie, Texas (ERCOT)
esVolta → MUFG Bank (lead lender); Generate Capital
$140M
McMurtre Battery Energy Storage System — 175 MW / 350 MWh BESS, ERCOT North (near Dallas), Texas
Belltown Power → Energy Vault
175 MW
Solar Landscape distributed/community solar warehouse facility — anchors 146 MW community solar portfolio across New Jersey, Illinois, Maryland, and Minnesota
Solar Landscape → First Citizens Bank
$600M
Get deals like this in your inbox
Free weekly clean energy deal intelligence. Every Monday.