Clean Energy Company Intersect Raises $750 Million to Scale Renewables, Storage & Hydrogen Capacity
Clean energy-focused electricity and fuels provider Intersect Power announced today that it has raised $750 million, with proceeds to be used to accelerate the build-out of its clean energy platform, with plans to expand from its current 2.4 GW portfolio, to 8 GW+ of renewable generation, storage and hydrogen production.
The growth equity investment was led by TPG Rise Climate, the $7 billion climate investing strategy of TPG’s global impact investing platform, TPG Rise and saw participation from existing investors infrastructure investment firm Climate Adaptive Infrastructure and private equity firm Trilantic Energy Partners North America.
Sheldon Kimber, Intersect Power CEO, said:
“Our partnership with TPG Rise Climate, CAI and Trilantic further fuels our collective pursuit to accelerate the deep decarbonization of our economy, build American energy security, and deploy the billions of dollars of hard assets required to solve the climate crisis.”
Founded in 2016, Intersect Power focuses on scalable and transformative clean energy projects. The company develops large clean energy resources that provide low-carbon electricity, fuels and other related products to customers in North America.
Proceeds from the investment will be used to support Intersect Power’s accelerated entry into new markets and technologies, through its plans to develop nearly 1 GW of green hydrogen production, and pipeline of over 8.5 GW of clean energy generation and 8 GWh of battery storage.
Bill Green, Founder and Managing Partner at Climate Adaptive Infrastructure, said:
“We are proud to continue our support of Intersect Power and join the team in celebrating yet another impressive fundraising milestone for the Company. As an investor and outspoken advocate of the team’s work since Intersect’s inception, we’ve been consistently reaffirmed in our support by their proven track record.”
TPG’s Ed Beckley, Steven Mandel, and Maryanne Hancock will represent TPG Rise Climate on Intersect Power’s board of directors, alongside Bill Green of CAI and Glenn Jacobson of Greenbelt Capital Partners.
Ed Beckley, Partner at TPG and Senior Member of its Climate Investing Team, said:
“Intersect’s proven delivery of large, scalable clean energy projects and differentiated business model positions the Company to lead the way into new markets and clean energy products, as our economy continues to decarbonize. Energy demand will continue to increase as we accelerate the electrification of our economy. We are thrilled to support the Company’s work in delivering innovative clean energy solutions to the grid and the industrial corners of our economy.”