U.S.-based utility-scale renewable energy developer Intersect Power announced today that it has successfully secured over $600 million in financing to fund the company’s expansion into the emerging clean infrastructure sector, extending its reach from its current focus on solar and energy storage to new categories, including green hydrogen, and transitioning to a scalable provider of electric power for utilities and large end-users.
Intersect Power was founded in 2016, has also developed and sold more than 1.7 GWDC of contracted solar projects across California and Texas. The company currently has a pipeline of 3.2GWDC of late-stage solar and storage projects that will be in operation by 2023 and an emerging pipeline of other clean infrastructure assets.
Intersect Power CEO and co-founder Sheldon Kimber said:
“The Intersect Power team has developed 3.7 GWDC of solar assets with a portfolio value of more than $8 billion. The investments announced today will give us the ability to more quickly scale our core business of solar and energy storage, while expanding further into emerging classes of clean infrastructure, like green hydrogen. Intersect combines a clear understanding of what it takes to put steel in the ground with a focus on what comes next in the deployment of low-carbon technologies.
“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.”
The financings included $127 million in equity funding from Climate Adaptive Infrastructure, LLC (CAI) and Trilantic North America, as well as a $482 million debt facility with Generate Capital and CarVal Investors.
Bill Green, Founder and Managing Partner at CAI, said:
“We are pleased to be founding investors in Intersect Power, a company defining the future of renewable infrastructure with remarkable connectivity between capital markets, supply chains, greenfield development, and innovative technologies. 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.”
Glenn Jacobson, Partner at Trilantic North America, said:
“We are thrilled to have invested in Intersect Power, a founder-led, innovative infrastructure company that we believe has become a leader in the renewables space, and we are especially excited to partner with Sheldon, Luke, and the rest of the Intersect Power team to drive the company to the next level. We remain believers that the pace of the energy transition will continue to accelerate and are excited to help Intersect Power develop utility-scale solutions for the decarbonization of the electric grid.”
Jeff Ross, Senior Managing Director and Head of Investment Team at Generate, added:
“We are excited to partner with Intersect’s industry-leading team. We admire their proven track record for innovation in the utility-scale renewable energy market.”