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Greenprint Capital Secures $92 Million for Texas Battery Storage Project, Utilizing New Investment Tax Credit for Renewables.

Greenprint Capital has secured US$92 million in tax equity financing for the 150MW/300MWh Revolution battery energy storage system (BESS), one of three projects Spearmint is developing in ERCOT, Texas. The new investment tax credit (ITC) for standalone energy storage was used to finance the BESS system, which is expected to overtake California’s largest market in the next year. This move marks the first time the ITC has been made available for standalone renewable energy storage, as new transferability provisions allow tax credits to be bought and sold, allowing for investors less familiar with the investment mechanism to enter the space. Other uses of the tax equity investment include investments into large-scale projects from Plus Power, SMT Energy and SUSI, Strata Clean Energy and Eolian.

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