Spearmint's Energy Storage Financing Secures $252 Million
Deal News | Apr 17, 2025 | Paul Hastings
In a significant development within the battery energy storage sector, Paul Hastings LLP has successfully advised Spearmint Energy on securing a $252 million financing package for their two forthcoming battery energy storage systems (BESS) located in Texas. Spearmint's Tierra Seca and Seven Flags projects, situated in Del Rio and Laredo respectively, will offer 100MW to 200MWh of energy storage capacity. The financing includes construction-to-term notes bought by Manulife, tax equity bridge loans from East West Bank and Investec, and tax equity from Sugar Creek Capital. The Paul Hastings team was led by partners Luis F. Gomar, Jason H. Busch, and Michael D. Haun, supported by a broad team of legal experts.
Sectors
- Energy Storage
- Legal Advisory
- Finance
Geography
- United States – The projects are located in Texas, US, and involve American companies and financial institutions.
- Texas – Both battery energy storage systems are specifically located in Texas, making it a relevant geographic focus.
Industry
- Energy Storage – The article involves battery energy storage systems, a growing sector within renewable energy infrastructure.
- Legal Advisory – Paul Hastings LLP, a law firm, is providing legal advisory services for the financing deal.
- Finance – The article discusses a significant financing transaction involving multiple financial institutions.
Financials
- $252 million – Total financing amount secured for Spearmint's battery energy storage projects.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Spearmint Energy | Target | Company | The company seeking $252 million funding for two battery energy storage systems in Texas. |
| Paul Hastings LLP | Legal Advisor | Company | The law firm advising on the financing of Spearmint's projects. |
| Manulife | Investor | Company | The company purchasing construction-to-term notes in the financing arrangement. |
| East West Bank | Investor | Company | Providing tax equity bridge loans for the financing package. |
| Investec | Investor | Company | Also providing tax equity bridge loans alongside East West Bank. |
| Sugar Creek Capital | Investor | Company | The company providing tax equity commitments. |