Spearmint Energy Lands $250M to Expand Texas Battery Storage
Spearmint Energy secures major financing for two battery storage projects to bolster Texas’s ERCOT grid.
ENERGY ⚡️
Del Rio, TX — Spearmint Energy has secured $250 million to develop two battery energy storage systems (BESS) in Texas, totaling 400MWh, the company announced on April 17, 2025. The Tierra Seca BESS in Del Rio and Seven Flags BESS in Laredo each offer 100MW/200MWh capacity, enhancing grid reliability and Texas' all of the above and below energy strategy.
The Details:
Financing Breakdown: Includes $59 million in loans from Manulife, $95 million in tax equity bridge loans from East West Bank and Investec, and $98 million in tax equity from Sugar Creek Capital.
Construction: MA Mortenson Company leads the build, using Sungrow’s PowerTitan 2.0 platform with lithium iron phosphate cells.
ERCOT Presence: Spearmint’s Revolution BESS (150MW/300MWh) went online in January 2024, also built by Mortenson with Sungrow tech.
Portfolio: Spearmint now has over 20 projects, totaling 13GWh in capacity.
Why It Matters:
These projects strengthen ERCOT’s grid, supporting Texas’s growing renewable energy needs with reliable storage solutions, hallmarks of Texas's all of the above and below energy strategy.
The Catch:
A recent setback in Indiana’s MISO market, where Spearmint’s 400MW Pumpkinvine BESS was denied rezoning, may slow its expansion there.
Bottom Line:
Spearmint Energy’s latest investment marks a significant step in scaling battery storage for Texas’s energy future.