Texas Grid Battery Deals
Spearmint Energy Closed $450M to Build Its Texas Battery Project
Adam Harrie — May 21, 2026
Spearmint Energy closed approximately $450 million to build Red Egret, a standalone 300MW/600MWh battery storage system in Texas City expected to come online in 2027. The Texas grid battery energy storage package includes a $225 million construction facility led by First Citizens Bank and Investec, $96 million in preferred equity from Nuveen Energy Infrastructure Credit and roughly $126 million from an investment tax credit transfer.
Red Egret is Spearmint’s fourth ERCOT project, pushing its total operating battery capacity past 1.5GWh upon completion.
As Texas grid infrastructure faces surging electricity demand from AI and industrial growth, Spearmint shows how combining construction debt, tax equity and preferred equity can finance large-scale standalone battery storage at the pace ERCOT’s reliability challenges demand.
