Spearmint Energy has acquired a 900 MW portfolio of battery energy storage solutions (BESS) assets in Texas. Collectively known as Nomadic, the acquisition marks a significant expansion of Spearmint’s BESS portfolio and cements the company as the one of the largest battery energy storage developers in the state.
Nomadic consists of three projects, each with a target capacity of 300 MW. Spearmint acquired the project portfolio from one of the largest developers and operators of clean energy projects in the United States. Nomadic marks Spearmint’s second acquisition since the company’s launch in May 2022 and follows the acquisition of Revolution, a 150 MW/300 MWh project in West Texas that began construction in late November 2022 and is expected to commence commercial operations in mid-2023.
“We are proud to add Nomadic to the Spearmint portfolio,” said Andrew Waranch, founder, president and CEO 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.”
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 in 2021 and the passing of the Inflation Reduction Act in 2022. 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.
“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. “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.”
Founded by energy industry veteran Waranch in partnership with Kevin Kelley, CEO of Roscommon Analytics LLC, Spearmint is a renewable energy company that focuses on 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.
Tags: acquisition, BESS, energy storage, ERCOT, Spearmint Energy
