Oakland, CA — Intersect Power, LLC, (“Intersect Power” or the “Company”) announced today the closing of an aggregate of $2.4 billion of new financing commitments and the allocation of $675 million of previously announced commitments for the construction and operations of four solar energy projects totaling approximately 1.5GWdc PV + 1.0GWh BESS. The transactions represent construction financing, tax equity, operational letters of credit and a portion of previously announced portfolio level term debt with industry-leading partners.
All four projects – Lumina I, Lumina II, Oberon I and Oberon II – are expected to be operational in 2023. The Lumina I and II projects, in Texas, total approximately 840 MWp and the Oberon I and II projects, in California, total approximately 685 MWp + 1,000MWh BESS. These projects are part of the Company’s late-stage portfolio totaling 2.2 GW of late-stage solar projects with 1.4 GWh of storage.
“These closings culminate a multi-year process raising more than $6 billion to build out one of the largest solar + storage portfolios our country has seen to date which serves as a platform for future growth into green hydrogen and other decarbonization technologies,” said Sheldon Kimber, CEO of Intersect Power. “The strength of our partnerships and collective teams’ determination further validates our path to decarbonize the hard-to-reach corners of the economy.”
