Spearmint Energy Expands Portfolio with Acquisition of 900 MW of Energy Storage Development Assets in ERCOT Power Market
Cements Next-Generation Renewable Energy Company as One of the Largest Battery Energy
Storage Developers in Texas Following Launch in May 2022
Follows Debut Acquisition of Revolution, a 300MWh Battery Energy Storage Project, Which Will Serve
West Texas’ ERCOT Market Beginning in Mid-2023
MIAMI–(BUSINESS WIRE)–Spearmint Energy (“Spearmint” or the “Company”), a next-generation renewable energy company enabling the clean energy revolution through battery energy storage, today announced that is has acquired a 900 MW portfolio of battery energy storage solutions (“BESS”) assets, collectively known as Nomadic. Nomadic, which consists of three projects each with a target capacity of 300 MW, was acquired from one of the largest developers and operators of clean energy projects in the United States. The acquisition significantly expands Spearmint’s BESS portfolio and cements the Company as the one of the largest battery energy storage developers in the state of Texas.
Located in Cooke, Galveston, and Brazoria counties, the Nomadic BESS portfolio – with a capacity of up to 900 MW and 2,000 MWh – will serve Texas’ rapidly growing ERCOT power market, which has seen a strong increase in demand for renewable energy generation projects following Winter Storm Uri and the passing of the Inflation Reduction Act. Over the next several months, Spearmint’s growing team of industry veterans will complete Nomadic’s remaining development work. The first project within the Nomadic portfolio is anticipated to reach notice to proceed in early 2024 and begin commercial operation within 12-18 months.
“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.”
Nomadic marks Spearmint’s second acquisition since the Company’s launch in May 2022 and follows Spearmint’s acquisition of Revolution, a 150MW/300 MWh project in West Texas, that began construction in late November 2022 and is expected to commence commercial operations in mid-2023.
“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. We look forward to further scaling our regionally diverse project portfolio over the near-term, to the benefit of our world over the long-term,” Mr. Waranch concluded.
About Spearmint Energy
Founded by energy industry veteran Andrew Waranch in partnership with Kevin Kelley, CEO of Roscommon Analytics LLC, Spearmint is a next generation renewable energy company enabling the clean energy revolution through battery energy storage. The Spearmint platform is comprised of three distinct strategies, including battery and solar project development, energy storage offtake, and renewables power trading. For more information, please visit: https://www.spearmintenergy.com/
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