Paul Hastings Advised Spearmint Energy in Acquisition of Battery Energy Storage Assets Portfolio
March 23, 2023
Paul Hastings LLP advised Spearmint Energy, a next-generation renewable energy developer and battery storage company, in the acquisition of a 900 MW/2,000 MWh portfolio of battery energy storage assets, jointly referred to as Nomadic, in Texas from one of the largest developers and operators of clean energy projects in the U.S.
This marks Spearmint’s second acquisition since the inception of the company in May 2022. Paul Hastings previously advised Spearmint in the acquisition of a 150 MW battery energy storage project, also located in Texas, from leading clean energy developer, Con Edison Development. The initial transaction successfully closed in July 2022 and is expected to commence commercial operation in mid-2023.
Each of the four projects located in Cooke, Galveston, Brazoria, and Upton Counties, respectively, will provide much-needed battery energy storage assets to Texas’ ERCOT market. The second acquisition comes in response to a continued notable shift in the energy market, which has seen higher industry-wide demand for renewable power following Winter Storm Uri and the passing of the Inflation Reduction Act, growth attributed to the use of technology and increases in natural gas prices, as well as a weaker outlook for solar buildout.
Energy & Infrastructure and M&A partner Luis Gomar led the Paul Hastings team, which also included partners Michael Haun, Chris Carr, and Gregory Spitzer; and associates Irene Kau, Jose Pablo Salas, Kami LaBerge, Lucas Grunbaum, and Lane Barrasso.
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