Intersect Power Funds $3.1 Billion for 4 Solar Initiatives Totaling 2.2 GW DC

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Sheldon Kimber, CEO of Intersect Power

Intersect Power LLC has closed an combination of $2.4 billion of latest financing commitments and the allocation of $675 million of beforehand introduced commitments for the development and operations of 4 solar energy initiatives totaling roughly 1.5 GW DC PV and 1 GWh BESS.

The transactions signify building financing, tax fairness, operational letters of credit score and a portion of beforehand introduced portfolio degree time period debt with companions.

All 4 initiatives – Lumina I, Lumina II, Oberon I and Oberon II – are anticipated to be operational in 2023. The Lumina I and II initiatives, situated in Texas, complete roughly 840 MWp. The Oberon I and II initiatives, in California, complete roughly 685 MWp + 1,000 MWh BESS. These initiatives are a part of the corporate’s late-stage portfolio totaling 2.2 GW of late-stage solar initiatives with 1.4 GWh of storage.

“These closings culminate a multi-year process raising more than $6 billion to build out one of the largest solar + storage portfolios our country has seen to date which serves as a platform for future growth into green hydrogen and other decarbonization technologies,” says Sheldon Kimber, CEO of Intersect Power. “The strength of our partnerships and collective teams’ determination further validates our path to decarbonize the hard-to-reach corners of the economy.”

As with Intersect Power’s $2.6B financing announcement in November 2021, these financings observe the corporate’s strategy by incorporating structuring and pricing provisions designed to account for the upper proportion of uncontracted income within the portfolio. Proceeds from the time period facility will help each building and operation of the portfolio.

MUFG and Santander served as co-lead arrangers on the roughly $1.6 billion building financing with NORD/LB, KeyBanc Capital Markets, Helaba, CoBank, Bank of America, and Zions Bancorporation performing as joint lead arrangers. CoBank ACB is offering operational letters of credit score to the Oberon I and II, and the Lumina II initiatives.

Concurrent with the closing of the development financing, Intersect secured roughly $775 million of commitments from tax fairness traders, together with Morgan Stanley Renewables Inc. (Oberon II), a Fortune 100 know-how firm (Lumina I) and U.S. Bank (Oberon I and Lumina II).

The allocation of $675 million of beforehand introduced term-loan commitments was supplied by HPS Investment Partners and Co-Investors.

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