Intersect Power secured $127 million in equity funding from Climate Adaptive Infrastructure and Trilantic North America to accelerate the company’s move to become a scalable provider of electric power for utilities and large end-users.
Intersect also closed on a $482 million debt facility with Generate Capital and CarVal Investors.
The San Francisco-based company has developed 3.7 GW of solar assets with a portfolio value of more than $8 billion. The investments are expected to give it the ability to more quickly scale its core business of solar and energy storage, while expanding further into emerging classes of clean infrastructure, like green hydrogen.
Founded in 2016, Intersect Power is involved in all phases of development, design, engineering, finance, and operations. Intersect Power has a pipeline of 3.2 GW of late-stage solar and storage projects that will be in operation by 2023. The company has also developed and sold more than 1.7 GW of contracted solar projects across California and Texas.
Orrick, Herrington & Sutcliffe provided legal counsel to Intersect Power. Latham & Watkins acted as legal counsel for the equity providers and Kirkland & Ellis and Foley & Lardner for debt.
One of Intersect Power’s largest projects is the 425 MW Juno solar facility in Borden County, Texas. The project has two long-term power purchase agreements, one for a portion of the project output with the Lower Colorado River Authority and the other with an undisclosed off-taker. SoftBank Energy is the long-term investor.
The Juno project is expected to reach completion by this coming fall and will produce about 890 GWh per year. Equipment for the project will be provided by First Solar and NEXTracker.
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