Intersect Power, a renewable energy project developer located in the United States, has obtained a $2.6 billion finance commitment for a solar and energy storage portfolio.
The funds will be used to generate 2.2GWDC of late-stage solar power and 1.4GWh of storage capacity for the firm.
The investment was obtained through eight distinct transactions with ‘industry-leading’ partners and would include construction finance, tax equity, land financing, and portfolio-level term debt.
“These closings demonstrate what Intersect has been saying for some time now – that today’s long-term offtake contracts actually destroy value, and that there are innovative ways to finance clean energy assets that enable more valuable offtake structures,” said Intersect Power founder and CEO Sheldon Kimber.
“With this funding, Intersect will be able to deliver a core set of initiatives over the next two years that will serve as the foundation for future expansion into green hydrogen and beyond.”
“From here, our firm will construct the most scalable, revolutionary clean energy projects that minimize cost and risk for each MW delivered and move the needle on our economy’s deep decarbonization.”
Intersect Power will utilize the funds to build 2.2GWDC of late-stage solar projects with 1.4GWh of total storage, which are expected to be operational by 2023.
The project portfolio comprises the California-based Athos III, Oberon I, and Oberon II projects, as well as the Texas-based Lumina I, Lumina II, and Radian assets.
According to Intersect Power, about $800 million of the finance will be utilized to develop the 310MWdc / 453MWh BESS Athos III project in Riverside County, California, and the 415MWdc Radian project in Brown County, Texas.
The company chose Signal Energy and Nextracker as partners for the Radian and Athos II projects earlier this year.
For the two projects, Signal Energy will offer engineering, procurement, and construction services, while Nextracker will supply its NX Horizon smart solar trackers and TrueCapture yield optimization software.