Sheldon Kimber recognized as one of Goldman Sachs’ Most Exceptional Entrepreneurs at 2024 Builders and Innovators Summit
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Oakland, California – October 22, 2022 — On October 16, Goldman Sachs (NYSE:GS) recognized Sheldon Kimber, CEO and Founder of Intersect Power, as one of the Most Exceptional Entrepreneurs of 2024 at its Builders and Innovators Summit in Healdsburg, California. Goldman Sachs selected Kimber from multiple industries to be honored at the two-day event.
Kimber leads Intersect Power, a clean energy company that develops, owns, and operates some of the world’s largest clean energy resources. Kimber has over 20 years of experience in energy and finance, development, and entrepreneurship. Under his leadership, Intersect has developed 4 GW of total renewable capacity and owns and operates a portfolio of 2.2 GW of operating solar PV and has 2.4 GWh of battery storage in operation or construction.
“Being recognized among such a distinguished group of entrepreneurs is truly an honor. This achievement is a direct reflection of the incredible team I’m fortunate to work with,” said Kimber. “While I’m proud of what we’ve accomplished so far, this is just the beginning. We’re pushing forward, delivering gigawatts of clean energy that will help us avoid the worst impacts of climate change and pave the way for the “inevitable industries” of tomorrow, such as data centers and e-fuels.”
“I am thrilled to recognize Sheldon Kimber as one of the most exceptional entrepreneurs of 2024,” said David Solomon, Chairman and CEO of Goldman Sachs. “Kimber and the Intersect team have built an impressive business that continues to grow at scale.”
In its 13th year, Goldman’s Builders and Innovators Summit is the can’t miss gathering for Founders and CEOs of high growth companies. Previous honorees have gone on to lead multi-billion dollar companies, both in the private and public markets. In addition to honoring the most exceptional entrepreneurs each year, the Summit consists of general sessions and clinics led by seasoned entrepreneurs, academics and business leaders as well as resident scholars.
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About Intersect Power
Intersect Power is a clean energy company bringing innovative and scalable low-carbon solutions to its customers in global energy markets. We develop, own, and operate some of the world’s largest clean energy resources providing low-carbon electricity, fuels, and related products to customers for U.S. consumption and international export.
Founded in 2016, Intersect Power is laser-focused on scalable, transformative clean energy projects that move the needle on deep decarbonization and redefine the scope of the clean energy industry by enabling new pathways between clean electricity and the broader economy.
We have a base portfolio of 2.2 GW of operating solar PV and 2.4 GWh of storage in operation or construction. Our business plan includes growth in grid-tied renewables, as well as large-scale clean energy assets, including battery storage, data centers, and green fuels.
Goldman Sachs is a leading global financial institution that delivers a broad range of financial services to a large and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.
Press related questions about Intersect Power, please contact Cate Powers.
Press related questions about the Summit or Goldman Sachs, please contact Sophia Anthony at [email protected].
Lathrop, CA – July 18, 2024 — Tesla and Intersect Power today announced a contract for 15.3 GWh of Megapacks, Tesla’s battery energy storage system, for Intersect Power’s solar + storage project portfolio through 2030. This agreement, when combined with previous commitments, make Intersect Power one of the largest buyers and operators of Megapacks globally with nearly 10 GWh of large-scale energy storage expected to be deployed by the end of 2027.
Tesla has previously supplied Megapacks for Intersect Power’s Base Portfolio of solar + storage facilities totaling 2.4 GWh in operation or under construction. Intersect Power plans to utilize over half of this new order of Megapacks for four projects in California and Texas expected to achieve operations by the end of 2027, including what will be some of the largest battery installations in the country. The balance will be utilized in Intersect Power’s subsequent portfolio of solar + storage facilities, coming online in 2028-30.
“Intersect continues to be an exceptional partner, and their development expertise combined with the plug-and-play nature of Tesla’s vertically integrated technology enables the speed and scale needed to enhance grid resilience and support greater renewables integration,” said Mike Snyder, Senior Director of Tesla Energy.
“No one in the market can match Tesla’s depth of experience in storage technology,” said Sheldon Kimber, CEO of Intersect Power. “This partnership is the foundation of one of the largest and fastest growing storage portfolios in the country here at Intersect Power. This storage franchise is the perfect complement to our multi-billion dollar expansion of renewable generation that is expected to more than triple the size of our company over the next three years.”
Intersect Power develops, owns, and operates some of the country’s largest and most flexibly dispatched Battery Energy Storage Systems (BESS) at the company’s solar + storage facilities in Texas and California. The Megapacks to be installed at the Intersect Power projects are scheduled to be delivered in 2025 and 2026 and will be produced in Tesla’s Megafactory in Lathrop, California.
Intersect Power has 2.4 GWh of Tesla Megapacks in operation or under construction. This includes 1 GWh in operation at the Oberon solar + storage facility and 448 MWh in operation at the Athos III solar + storage facility in California. Intersect Power is currently installing the additional 1 GWh of Tesla Megapacks at its Radian and Lumina solar + storage facilities in Texas, which will be fully operational within the year.
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About Intersect Power
Intersect Power is a clean energy company bringing innovative and scalable low-carbon solutions to its customers in global energy markets. We develop, own, and operate some of the world’s largest clean energy resources providing low-carbon electricity, fuels, and related products to customers for U.S. consumption and international export.
Founded in 2016, Intersect Power is laser-focused on scalable, transformative clean energy projects that move the needle on deep decarbonization and redefine the scope of the clean energy industry by enabling new pathways between clean electricity and the broader economy.
We have a base portfolio of 2.2 GW of operating solar PV and 2.4 GWh of storage in operation or construction. Our business plan includes growth in grid-tied renewables, as well as large-scale clean energy assets, including battery storage, data centers, and green fuels.
Houston, Texas, July 17, 2024 — Intersect Power, LLC, (“Intersect Power” or “Intersect”), announced today the closing of two separate transactions representing an aggregate of $837 million of financing commitments for the construction and operation of three standalone Battery Energy Storage Systems (BESS) in Texas. The transactions cover portfolio-level construction debt, tax equity, and term debt financing with industry-leading partners.
All three BESS — Lumina I, Lumina II, and Radian — are expected to be operational in 2024. Each project comprises 86 Megapacks, Tesla’s battery energy storage system, and Lumina II and Radian will be operated by Autobidder, Tesla’s real-time trading platform. The three sites will move from concept to commissioned in under 12 months and each will provide a capacity of 320 MWh of battery storage with a two-hour duration. These batteries provide additional flexibility to Intersect’s Texas operating fleet, offering 1.2 GWp of solar power with 1 GWh of battery storage.
“Batteries will be a vital part of the energy transition and are the perfect complement to the billions of dollars of solar generation that we are building in California and Texas,” said Sheldon Kimber, CEO and Founder, Intersect Power. “These assets should allow us to provide more consistent financial performance from a diversified fleet of renewable generation and storage, benefiting from increasing market volatility and periods of high prices while protecting us from periods of low market prices. This stability will be critical as we expect to triple the size of our portfolio over the next three years.”
Morgan Stanley was selected to provide tax equity, and funds and accounts managed by HPS Investment Partners will be making construction debt and term debt investments. Deutsche Bank is partnering in the construction debt facility and providing the operational letters of credit to the projects. The projects qualify for Investment Tax Credits under the Inflation Reduction Act.
“Morgan Stanley is proud to partner again with Intersect Power, a clean energy company bringing innovative and scalable low-carbon solutions to its customers in global energy markets,” Jorge Iragorri, Managing Director and Head of Renewable Energy Investments at Morgan Stanley. “These standalone batteries are much-needed infrastructure that will increase grid reliability and improve energy security as the U.S. transitions to a low-carbon economy.”
“We are pleased to have another opportunity to partner with Intersect Power as it continues to build on its track record of successful deployment of large-scale clean energy assets supporting the energy transition,” said Michael Dorenfeld, Managing Director at HPS Investment Partners.
“Intersect Power continues to demonstrate its market leadership with its innovative approach to contracting and financing, and we look forward to continuing to support the company as it delivers infrastructure that makes a material difference on the path to decarbonization.”
“Deutsche Bank is pleased to once again support Intersect Power, this time for the swift construction and deployment of three utility-scale standalone battery storage systems in Texas,” said Jeremy Eisman, Managing Director and Head of Infrastructure & Energy Financing at Deutsche Bank. “This financing will help facilitate Intersect’s contributions to the reliability of the U.S. power grid and validates Deutsche Bank’s continued commitment to support the premier developers in the sector.”
Intersect and its partners were represented by the following counsel and advisors on the deals: Orrick, Herrington & Sutcliffe LLP represented Intersect Power as lead counsel on all transactions; CCA Capital LLC advised Intersect Power on the tax equity transactions; Willkie Farr & Gallagher LLP served as counsel to Morgan Stanley Renewables Inc.; and Skadden, Arps, Slate, Meagher & Flom LLP served as counsel to HPS and Deutsche Bank.
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About Intersect Power
Intersect Power is a clean energy company bringing innovative and scalable low-carbon solutions to its customers in global energy markets. We develop, own, and operate some of the world’s largest clean energy resources providing low-carbon electricity, fuels, and related products to customers for U.S. consumption and international export.
Founded in 2016, Intersect Power is laser-focused on scalable, transformative clean energy projects that move the needle on deep decarbonization and redefine the scope of the clean energy industry by enabling new pathways between clean electricity and the broader economy.
We have a base portfolio of 2.2 GW of operating solar PV and 2.4 GWh of storage in operation or construction. Our business plan includes growth in grid-tied renewables, as well as large-scale clean energy assets, including battery storage, data centers, and green hydrogen.
OAKLAND, Calif., [May 15, 2024] — The 2024 World Changing Ideas Award winners were announced by Fast Company, featuring Intersect Power in the Sustainability category. Intersect Power, a leading clean energy company, was recognized for its transformative work to move the needle on deep decarbonization and combat climate change.
Intersect Power received honorable mention in the Sustainability category for its approach and delivery of clean energy infrastructure. The company is one of the largest operators of solar + storage facilities in the U.S. and utilizes a domestic supply chain to ensure the rewards of the energy transition can be felt by all Americans. From the deployment of shorter tenor contracts to unbundling RECs to American supply chain procurement to the deployment and operation of some of the largest Battery Energy Storage Systems in the country, Intersect Power leads the market in innovative industry approaches to accelerate the adoption of clean energy products.
“Intersect Power is proud to be recognized among the organizations making a positive impact in the world. It is clean energy portfolios like ours that will enable the deep decarbonization of our economy,” said Sheldon Kimber, Intersect Power’s Founder and CEO. “To avoid the worst impacts of climate change, only the multi-gigaton levers matter. Explosive growth in green infrastructure has the potential to get the planet to net zero emissions on its own, without any new breakthroughs.”
Intersect Power develops and owns the clean energy resources that enable this transition. Over the next five years, Intersect plans to triple the size of its portfolio of 2.2 GW of solar PV and 2.4 GWh of battery storage and expand its presence in grid-tied renewables and large-scale behind-the-meter clean energy assets, including green fuels and data centers.
The high capacity factor, low cost, clean electricity the company is developing today, combined with cost declines in renewable energy, will enable the inevitable zero-carbon industries of tomorrow and will be at the heart of The Nexus of Deep Decarbonization.
The Fast Company World Changing Idea Awards recognize fresh sustainability initiatives, cutting-edge AI developments, ambitious pursuits of social equity, and other creative projects that are helping mold the world. A panel of Fast Company editors and reporters selected winners from a pool of more than 1,300 entries across climate, social justice, wellness, politics, technology, corporate social responsibility, and more.
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About Intersect Power
Intersect Power is a clean energy company bringing innovative and scalable low-carbon solutions to its customers in global energy markets. We develop, own, and operate some of the world’s largest clean energy resources providing low-carbon electricity, fuels, and related products to customers for U.S. consumption and international export.
Founded in 2016, Intersect Power is laser-focused on scalable, transformative clean energy projects that move the needle on deep decarbonization and redefine the scope of the clean energy industry by enabling new pathways between clean electricity and the broader economy.
We have a base portfolio of 2.2 GW of operating solar PV and 2.4 GWh of storage in operation or construction. Our business plan includes growth in grid-tied renewables, as well as large-scale clean energy assets, including battery storage, data centers, and green fuels.
World Changing Ideas is one of Fast Company’s major annual awards programs and is focused on social good, seeking to elevate finished products and bold concepts that make the world better. Judges choose winners, finalists, and honorable mentions based on feasibility and the potential for impact. With the goals of awarding ingenuity and fostering innovation, Fast Company draws attention to ideas with great potential and helps them expand their reach to inspire more people to work on solving the problems that affect us all.
About Fast Company
Fast Company is the only media brand fully dedicated to the vital intersection of business, innovation, and design, engaging the most influential leaders, companies, and thinkers on the future of business. Headquartered in New York City, Fast Company is published by Mansueto Ventures LLC, along with our sister publication Inc., and can be found online at www.fastcompany.com.
OAKLAND, Calif., March 5th, 2024 – Intersect Power, LLC (“Intersect Power” or “Intersect”) has ranked 4th on Forbes’ list of America’s Best Startup Employers 2024. Forbes partnered with market research firm Statista to develop the list. Companies considered in the evaluation must be headquartered in the U.S., founded between 2014 and 2021, employ at least 50 employees, and exhibit a startup structure. More than seven million data points were gathered and analyzed. Out of 20,000 companies, only 3,000 qualified for an in-depth analysis based on three criteria: company reputation, employee satisfaction and growth.
“This is a result of our intentionality to foster a remarkable company culture, grounded and united in our mission to combat climate change,” said Sheldon Kimber, Intersect Power’s CEO and Founder. “Our people are the foundation of our success, and working alongside this group is the most engaging and exciting thing I’ve ever done. We’re a little obsessed, a little contrarian, and a lot of fun. It’s a unique blend, but it works!”
Intersect Power was founded on a clear mission: a team of friends working to preserve our planet for future generations through low-carbon energy and infrastructure solutions. The Company develops, owns, and operates some of the world’s largest clean energy resources, with 2.2 GW of solar PV and 1.4 GWh of co-located storage in operation in California and Texas, with another 1 GWh of storage being added this year.
Intersect Power was one of the first companies to adopt a fully flexible workplace, dating back to before it became trendy when the Company was founded in 2016. Intersect’s leadership made the cultural decision to support its people to live and work where they want and offer the work-life flexibility they desire to thrive both professionally and personally. This applies to the entire workforce across the U.S. and Canada, which has more than doubled since the Spring of 2022 to more than 220 full-time employees.
For information on Intersect Power’s current open roles, visit https://jobs.lever.co/intersectpower
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About Intersect Power
Intersect Power is a clean energy company bringing innovative and scalable low-carbon solutions to its customers in global energy markets. We develop, own, and operate some of the world’s largest clean energy resources providing low-carbon electricity, fuels, and related products to customers for U.S. consumption and international export.
Founded in 2016, Intersect Power is laser-focused on scalable, transformative clean energy projects that move the needle on deep decarbonization and redefine the scope of the clean energy industry by enabling new pathways between clean electricity and the broader economy.
We have a base portfolio of 2.2 GW of solar PV and 1.4 GWh of co-located storage that is fully operational. Our business plan includes growth in grid-tied renewables, as well as large-scale clean energy assets including green hydrogen.
The Company’s base portfolio totaling 2.2 GWp solar and 1.4 GWh of co-located storage in Texas and California is now fully operational.
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HOUSTON, TX., January 11, 2024 – Intersect Power, LLC, (“Intersect Power” or “Intersect”), announced the commercial operation of its Lumina Solar project, located in Scurry County, TX, on January 3, 2024.
The Lumina project generates 828 MWp/640 MWac of reliable solar energy, enough to power more than 243,000 homes for one year. Built with First Solar panels, the project created more than 900 jobs at peak construction, all of which adhered to a commitment to fair equitable compensation, providing prevailing wages throughout the entire development cycle.
“Renewable energy is a critical piece of the overall American energy production story and Texas continues to lead the way in development and production,” said Sheldon Kimber, Intersect Power’s CEO. “We are proud to own and operate our now fully operational 2.2 gigawatt solar + 1.4 gigawatt hour storage portfolio in Texas and California, which has helped drive significant economic development and job creation while bringing energy security and independence to our country.”
Renewable Energy Credits generated by the Lumina project will be purchased by two Fortune 100 companies. Funding for the project’s construction and operations was secured as part of the broader portfolio financing announced last September, when Intersect Power closed on portfolio level term debt, tax equity, and construction financing commitments from leading financial institutions and investors.
The portfolio term debt was provided by certain funds and accounts managed by HPS Investment Partners, and other Co-Investors. The Tax Equity was provided by U.S. Bancorp Impact Finance and two Fortune 100 companies. Construction debt was provided by Coordinating Lead Arrangers MUFG and Santander Corporate & Investment Banking, along with CoBank, KeyBanc Capital Markets, Bank of America, Helaba, and Nord/LB as Joint Lead Arrangers.
Intersect and its partners were represented by the following counsel and advisors on the deals: Orrick, Herrington & Sutcliffe LLP represented Intersect as lead counsel and Kirkland & Ellis LLP served as Intersect’s special tax counsel; CCA Capital LLC advised Intersect on the tax equity transactions; Greenberg Traurig served as counsel to U.S. Bancorp Impact Finance; and Winston & Strawn LLP served as counsel to the construction lenders.
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About Intersect Power
Intersect Power is a clean energy company bringing innovative and scalable low-carbon solutions to its customers in global energy markets. We develop, own, and operate some of the world’s largest clean energy resources providing low-carbon electricity, fuels, and related products to customers for U.S. consumption and international export.
Founded in 2016, Intersect Power is laser-focused on scalable, transformative clean energy projects that move the needle on deep decarbonization and redefine the scope of the clean energy industry by enabling new pathways between clean electricity and the broader economy.
We have a base portfolio of 2.2 GW of solar PV and 1.4 GWh of co-located storage that is fully operational. Our business plan includes growth in grid-tied renewables, as well as large-scale clean energy assets including green hydrogen.
To learn more, visit www.intersectpower.com.
Intersect Power is a proud member of the Stamford Chamber of Commerce. Past sponsorships include Market on the Square, the Fall Festival and the Holly Jolly Christmas event.
HASKELL CHAMBER OF COMMERCE
Intersect Power is a proud member of the Haskell Chamber of Commerce. Past sponsorships include Wild Horse Prairie Days and the Haskell Christmas Parade.
BETTER STAMFORD SCHOOL SUPPLY DRIVE
In 2024, Intersect Power donated $5,000 to support the Better Stamford School Supply Drive, helping distribute school supplies to students in the Stamford area.
PAINT CREEK INDEPENDENT SCHOOL DISTRICT
As part of our support for the Paint Creek ISD, our donations have helped to fund a new athletics scoreboard for the Paint Creek Pirates, provide outdoor shade equipment, and purchase new drone equipment for their STEAM classes.
HASKELL INDEPENDENT SCHOOL DISTRICT
As part of our support for the Haskell ISD, we’ve funded a new athletic sound system and supported a $15,000 scholarship program to empower graduates pursuing higher education.
HASKELL COUNTY TEXAS A
Intersect Power donated $50,000 to the Haskell County TX A&M Extension Services, supporting the renovation of a community building dedicated to 4-H and other children’s programs.
KEEP HASKELL BEAUTIFUL
Intersect Power contributed $100,000 to Keep Haskell Beautiful to support several local improvement projects, including upgrades to the city of Haskell’s walking track and tennis courts, improvements to the Haskell Civic Center and new fire equipment for the Haskell Fire District.
Anneli Alers
Anneli is Senior Vice President Capital Markets
Anneli is responsible for overseeing the Project Finance, Portfolio Finance, and Treasury functions. She is a project finance executive with over 15 years of experience structuring and executing financing transactions spanning various types of debt and equity products in the renewable energy industry.
Prior to joining Intersect Power, Anneli was Senior Vice President of Project Finance for Invenergy where she worked on utility scale wind, solar, storage, and conventional power generating asset financings in the U.S., Canada, and Europe.
Anneli holds a BS, General Engineering from the University of Illinois Urbana-Champaign and a MBA, Finance, Accounting, Operations from The University of Chicago Booth School of Business.
Anneli lives in Taos, New Mexico where she enjoys many of the mountain and river activities the area has to offer and watching many spectacular sunsets.
Amarillo Sod Poodles
Intersect Power had the honor of serving as the presenting sponsor for the 2024 ‘Reading with RUCKUS’ literacy education program, in partnership with the Amarillo Sod Poodles! This initiative is dedicated to fostering literacy and educational engagement among local students by offering incentives as they achieve specific milestones. To launch the program, the beloved Sod Poodles mascot, RUCKUS, made special appearances at assemblies in participating schools, igniting excitement for reading among students. An impressive 20,242 students from 12 school districts across the Texas Panhandle enthusiastically took part in the program
Hereford Food Pantry
The Hereford Food Pantry addresses hunger by providing food for residents of Deaf Smith County. Intersect Power made a donation to support the Food Pantry’s efforts in combating hunger in the area.
Hereford Sports and Wellness Center and the City of Hereford
The Hereford Sports and Wellness Center provides wholesome sports programs, fitness opportunities, and other community-building activities for the citizens of Hereford and the surrounding region. Intersect Power collaborated with the Wellness Center and the City of Hereford, contributing to the construction of a new regional softball/baseball complex in Deaf Smith County. This park will benefit the city and surrounding areas by hosting regional tournaments.
DEAF SMITH COUNTY CRISIS CENTER
The Deaf Smith County Crisis Center provides support for victims of domestic violence and sexual assault. We contributed to the Crisis Center’s programs with a general donation.
PANHANDLE COMMUNITY SERVICES
Panhandle Community Services works to change the lives of low-income people by bridging the gap from poverty to self sufficiency.
We have provided funds to support the organization’s weatherization and assistance programs in Deaf Smith, Gray, and Roberts counties.
DEAF SMITH COUNTY
We are a proud member of the Deaf Smith Chamber of Commerce and recently provided funds to help support an initiative to add new signs in the community.
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