Spearmint Energy Acquires 900MW Battery Portfolio in Texas

Spearmint Energy has acquired a portfolio of grid battery projects with a capacity of 900MW in Texas. The portfolio, collectively known as Nomadic, consists of three projects, each with a target capacity of 300MW, which was acquired from one of the largest developers and operators of clean energy projects in the United States.

Nomadic, with a capacity of up to 900MW/2000 megawatt-hour, will serve Texas’ rapidly growing ERCOT power market. This is a significant acquisition for Spearmint, as Texas has seen a strong increase in demand for renewable energy generation projects following Winter Storm Uri and the passing of the Inflation Reduction Act.

The Nomadic BESS portfolio is located in Cooke, Galveston, and Brazoria counties. The principal project inside the Itinerant portfolio is expected to arrive at notice to continue in mid 2024 and start business activity inside 12-year and a half.

Spearmint Energy’s mission is to facilitate the clean energy revolution through the delivery of renewable power to the grid efficiently, safely, and where communities need it most. The acquisition of the Nomadic portfolio marks Spearmint’s second acquisition since the company’s launch in May 2022, following its acquisition of Revolution, a 150MW/300MWh project in West Texas.

“We are proud to add Nomadic to the Spearmint portfolio,” said Andrew Waranch, Founder, President, and Chief Executive Officer of Spearmint. “A collection of state-of-the-art energy storage projects, Nomadic will enable Spearmint to continue to execute our mission of facilitating the clean energy revolution through the delivery of renewable power to the grid efficiently, safely, and where communities need it most.”

The acquisition of the Nomadic portfolio is a significant move for Spearmint Energy as it positions the company to become a significant player in the rapidly expanding renewable energy market in Texas. The ERCOT power market is seeing a surge in demand for renewable energy generation projects, making it an attractive investment opportunity for clean energy developers.

With its mission to facilitate the clean energy revolution, Spearmint Energy is well-positioned to take advantage of this growing market. The acquisition of the Nomadic portfolio is a significant step in the company’s growth strategy, which includes the acquisition of projects in diverse regions to benefit the environment by responsibly reducing carbon emissions.

“As we approach the first anniversary of Spearmint, we are tremendously energized for the future potential of our Company and its ability to positively impact our environment by responsibly reducing carbon emissions,” Waranch said.

The acquisition of the Nomadic portfolio is part of Spearmint Energy’s long-term strategy to expand its project portfolio to serve communities in diverse regions. With its focus on delivering renewable power to the grid efficiently, safely, and where communities need it most, Spearmint Energy is positioning itself as a leader in the clean energy sector.

The acquisition of the Nomadic portfolio comes at a time when there is increasing pressure on companies to transition to clean energy sources to combat climate change. Spearmint Energy’s acquisition of the Nomadic portfolio is a positive step towards achieving this goal, as it will significantly increase renewable energy generation capacity in Texas.

 In conclusion, the acquisition of the Nomadic portfolio is a significant move for Spearmint Energy as it positions the company to become a significant player in the rapidly expanding renewable energy market in Texas. With its focus on delivering renewable power to the grid efficiently, safely, and where communities need it most, Spearmint Energy is well-positioned to take advantage of this growing market. The acquisition of the Nomadic portfolio is a significant step in the company’s growth strategy, which includes the acquisition of projects in diverse regions to benefit the environment by responsibly reducing carbon emissions.

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