US-based battery storage developer and operator Spearmint Energy has secured USD450m financing to support its 300 MW/600 MWh Red Egret BESS project in Texas, United States (Spearmint Energy press release, 21/05/2026). The financing package includes a construction facility, an Investment Tax Credit (“ITC”) transfer, and preferred equity, according to the press release.
Construction of the project has already started and is expected to be completed by 2027. Once operational, Spearmint Energy’s portfolio will reach more than 1.5 GWh of total battery storage capacity across four projects, said the company.
Currently, Spearmint Energy operates 350 MW/700 MWh of BESS capacity within the ERCOT (US) market and continues to develop additional projects across the United States.