Battery storage developer and operator Spearmint Energy has closed a US$450 million financing to support its 300MW/600MWh Red Egret battery energy storage system (BESS) project.
Announced 21 May, the BESS is located in Texas City, Texas, US, and the financing package includes a construction facility, an investment tax credit (ITC) transfer, and preferred equity.
The construction facility is made up of financing to construct the project totaling US$225 million and is provided by a consortium of banks led by First Citizens Bank and Investec as coordinating lead arrangers and joint bookrunners, Nord/LB as joint lead arranger and East West Bank as mandated lead arranger.
The construction facility will be repaid when commercial operations commence with US$96 million of preferred equity investment secured from Nuveen Energy Infrastructure Credit, the infrastructure credit investment platform of investment management firm Nuveen, backed by financial institution TIAA.
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Additionally, Spearmint claims the project will receive approximately US$126 million of proceeds from an ITC transfer commitment.
According to Spearmint, construction on the project, by engineering, procurement, and construction (EPC) firm Mortenson has begun.
Red Egret will also use PV inverter and BESS firm Sungrow’s PowerTitan BESS solution. The company did not specify which version of the BESS it would use in the project. However, filings with the public utility commission of Texas (PUC) show that Red Egret will use 149 PowerTitan 2.0 BESS solutions.
The PowerTitan 2.0 was launched in 2024. It integrates a 5MWh battery with a 2.5MW PCS into a standard 20-foot container. In June 2025, the company launched its PowerTitan 3.0 system, and claimed the newer 30-foot product as the world’s largest BESS in both capacity and energy density.
Spearmint also has an interconnection agreement for Red Egret with utility Texas-New Mexico Power (TNMP). The scheduled commercial operation date, according to that document, is 31 August of this year.
In August 2025, Energy-Storage.news Premium reported that Spearmint had to rework its Red Egret project proposal after facing concerns from the local community.
Spearmint’s VP of development, Nick Coil, noted at the Texas City Commissioners meeting, “We got feedback [on our initial proposal] from the City which we took back to the drawing board and found a site that addressed all the concerns – we’re confident that we did a solid job of finding a remote location that meet all your needs.”
The project is now slated for a 38-acre site located on the northwestern outskirts of Texas City in an area zoned for heavy industrial use.
