Intersect Power, a large-scale renewable energy project developer based in the United States, has secured $2.6 billion in finance commitments to support the building and operation of six solar and storage projects totaling 2.2 GWDC and 1.4 GWh. With industry-leading partners, the transaction covers construction financing, tax equity, land financing, and portfolio level term loan. Athos III, Oberon I and II in California, and Radian, Lumina I and II in Texas, make up the portfolio. All six projects are expected to be operational by 2023.
HPS Investment Partners and co-investors, as well as existing Intersect investors CarVal Investors, Generate, and Climate Adaptive Infrastructure, had committed $1.4 billion in portfolio level, term debt funding to Intersect Power. It also agreed on a $800 million in construction financing led by Mitsubishi UFJ Financial Group and Santander Bank NA as co-coordinating lead arrangers. Further, the earnings from this facility will be used to fund the building of Athos III, a 310-MW direct current (DC) solar project in Riverside County, California, with 453 MWh of battery storage, and the 415-MW DC Radian solar project in Brown County, Texas. Tax equity investors such as Bank of America and Morgan Stanley Renewables Inc. have also committed $400 million to the company.