Intersect Power bags $2.6 billion for development of 2.2 GW solar projects
Post date: 19/11/2021 - 11:21
Intersect Power, LLC, announced the closing of eight separate transactions representing an aggregate of $2.6 billion of financing commitments for the construction and operations of a six-project portfolio. The transactions cover construction financing, tax equity, land financing and portfolio level term debt with industry-leading partners. »This financing will allow Intersect to deliver a core set of projects in the next two years that will serve as the platform for future growth into green hydrogen and beyond,« said Sheldon Kimber, founder and CEO.
The closings will allow Intersect to execute its portfolio of 2.2 GW of late-stage solar projects with 1.4 GWh of storage that will be in operation by 2023. This includes »Athos III« (315 MW plus 453 MWh storage, California) and »Radian« (415 MW, Texas), which are under construction and will come online in late 2022. The project pipeline also include »Oberon I« and »Oberon II (California), »Lumina I« and »Lumina II« (Texas).
Founded in 2016, Intersect Power has a portfolio of 2.4 GW of late-stage solar projects and 1.8 GWh storage projects, an emerging pipeline of 8.5 GW of renewable generation, 8 GWh of energy storage, 600 MW of green hydrogen production and approximately $4 billion in financial transactions closed.