Spearmint Energy, a battery storage and renewable energy company, announced Tuesday it has acquired a 900-MW portfolio of three Texas-based battery storage projects still under development.
Collectively known as Nomadic, the projects of 300 MW each were acquired from one of the largest developers and operators of clean energy projects in the United States, Spearmint said, without identifying the developer. Financial terms also were not disclosed.
The acquisition makes Spearmint one of the largest battery energy storage developers in Texas, it said.
Andrew Waranch, Spearmint’s founder, president, and CEO, said Nomadic is a collection of “state-of-the-art energy storage projects” that will allow Spearmint to continue to execute its clean energy mission “through the delivery of renewable power to the grid efficiently, safely, and where communities need it most.”
The battery energy storage system portfolio in Brazoria, Cooke and Galveston counties has a combined capacity of up to 900 MW and 2,000 MWh. It will serve the ERCOT power market that Spearmint said has experienced a strong increase in demand for renewable energy generation following Winter Storm Uri in February 2021 and passage of the Inflation Reduction Act in August 2022 with its beneficial tax credits.
In the next several months, Spearmint, which launched in May 2022, will complete Nomadic’s remaining development work. The first project in the portfolio is expected to reach notice to proceed in early 2024 and begin commercial operation within 12 to 18 months.
Nomadic is Spearmint’s second acquisition following a deal for Revolution, a 150 MW/300 MWh project in West Texas that began construction last November and is expected to begin commercial operations in mid-2023.
