Intersect Power receives more than $600M to accelerate clean energy growth

Utility-scale renewable energy developer Intersect Power, LLC announced that it secured $127 million in equity funding from Climate Adaptive Infrastructure, LLC and Trilantic North America In addition, the company said it has also closed on a $482 million debt facility with Generate Capital and CarVal Investors.

“The Intersect Power team has developed 3.7 GW DC of solar assets with a portfolio value of more than $8 billion. The investments announced today will give us the ability to scale our core business of solar and energy storage more quickly, while expanding further into emerging classes of clean infrastructure, like green hydrogen,” said Intersect Power CEO and co-founder Sheldon Kimber.

“Having deployed billions of dollars of clean infrastructure, our innovative approach to the convergence of power markets and financial markets served as a stepping-stone for Intersect to become a large, scalable IPP. That same approach positions us at the forefront of what’s next in clean infrastructure,” Kimber added.

Bill Green, Founder and Managing Partner at Climate Adaptive Infrastructure, said, “Intersect Power’s deep bench of senior executives are experts at strategically deploying capital across low-carbon infrastructure assets. Additionally, we look forward to Intersect Power’s expansion into green hydrogen, another critical component for global decarbonization.”

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.

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Source: Renewable Energy