Intersect Power announced the closing of $2.4 billion of new financing commitments and the allocation of $675 million of previously announced commitments for the construction and operations of four solar energy projects totaling approximately 1.5GWdc PV + 1.0GWh BESS.
The transactions represent construction financing, tax equity, operational letters of credit and a portion of previously announced portfolio level term debt with partners.
All four projects – Lumina I, Lumina II, Oberon I and Oberon II – are expected to be operational in 2023. The Lumina I and II projects, in Texas, total approximately 840 MWp and the Oberon I and II projects, in California, total approximately 685 MWp + 1,000MWh BESS. These projects are part of the company’s late-stage portfolio totaling 2.2 GW of late-stage solar projects with 1.4 GWh of storage.
“These closings culminate a 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,” said Sheldon Kimber, CEO of Intersect Power.
MUFG and Santander served as co-lead arrangers on the approximately $1.6 billion construction financing with NORD/LB, KeyBanc Capital Markets, Helaba, CoBank, Bank of America, and Zions Bancorporation acting as Joint Lead Arrangers. CoBank ACB is providing operational letters of credit to the Oberon I & II and the Lumina II projects.
Intersect also secured approximately $775 million of commitments from leading tax equity investors, including Morgan Stanley Renewables Inc. (Oberon II), a Fortune 100 technology company (Lumina I), and U.S. Bank (Oberon I and Lumina II).