Spearmint Energy has received approval from the Minnesota Public Utilities Commission (PUC) for the Midwater energy storage project. The project includes a 150 MW/600 MWh standalone battery energy storage system (BESS) located in Freeborn County, Minnesota. The project will be built on 10-20 acres of land adjacent to the Glenworth Substation. The Midwater BESS project is Spearmint’s second BESS project to secure state permitting in Minnesota, following the approved Snowshoe Energy Storage Project in Olmsted County.
In May 2026, Spearmint Energy secured approximately $450 million in financing for the 300 MW/600 MWh Red Egret BESS project located in Texas City, Texas. The project includes a $225 million construction facility led by First Citizens Bank and Investec. The financing package also features $96 million in preferred equity from Nuveen Energy Infrastructure Credit, backed by TIAA.
In January 2026, Spearmint Energy closed an equity investment with Kyuden International Corporation for two BESS projects in Texas. The investment covers the Tierra Seca and Seven Flags projects, each with a capacity of 100 MW/200 MWh, located in Del Rio and Laredo, respectively. Together, the two projects add 400 MWh of battery storage capacity to ERCOT.
