Spearmint Energy announced the acquisition of Nomadic, a 900 MW battery energy storage systems (BESS) asset portfolio in Texas. It consists of three projects with a combined projected capacity of 300 MW that are spread over the counties of Cooke, Galveston, and Brazoria. According to the company, the portfolio was purchased from a major US developer and operator of clean energy projects. No financial details of the deal have been disclosed.
Spearmint stated that the team will concentrate on completing the final phase of Nomadic’s development work. The Nomadic portfolio’s first project is anticipated to receive notice to proceed in early 2024 and is anticipated to go operational in 12 to 18 months. This is the second acquisition by the company since its inception in May 2022.
In August 2022, Spearmint Energy announced the acquisition of Revolution, a 150 MW battery energy storage project in Texas. For an undisclosed sum, the project was purchased from Con Edison Development, a subsidiary of Con Edison Clean Energy Businesses.
REGlobal’s Views: This is Spearmint’s second acquisition since the company was launched less than 12 months back in May 2022. The company is building a strong energy storage portfolio in Texas which is witnessing an upsurge in renewable energy projects following the Inflation Reduction Act and weather-related grid disturbances. This storage projects will help provide stability to the grid and make Spearmint one of the leading players in the state’s energy storage space.
