Intersect Power, a renewable energy company based in the US, has secured $2.4 billion in financing commitments for four solar energy projects and a battery energy storage system (BESS) portfolio. The combined capacity of the four solar PV projects will be 1.5 GWdc, while the combined capacity of the BESS projects will be 1 GWh. Reportedly, Intersect Power has also announced the allocation of $675 million of previously announced commitments for developing and operating these projects.
The four projects, Lumina I, Lumina II, Oberon I, and Oberon II, are expected to be completed in 2023. While the Oberon I and II projects are being developed in California with around 685 MWp of capacity, the Lumina I and II projects are being developed in Texas and will have approximately 840 MWp of capacity. Additionally, Oberon I and II will have a 1,000 MWh BESS capacity. The projects are a part of Intersect Power’s late-stage portfolio, which includes 1.4 GWh of storage and 2.2 GW of solar capacity.
In November 2021, Intersect Power 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.
REGlobal’s Views: Intersect Power has been successful in raising large volumes of financing through back-to-back funding rounds. These investments will help the company to deploy the planned assets across solar and storage verticals and also help the company to expand in the green hydrogen space.