OAKLAND, Calif., June 6, 2023 /PRNewswire/ — Intersect Power, LLC, (“Intersect Power”), announced the commercial operation of its Radian solar project, located in Brown County, TX, on May 16, 2023. The Radian solar project:
Utilizes First Solar panels,
Created more than 500 construction jobs over the three-year construction cycle; and,
Generates 415 MWp/320 MWac of solar energy, enough to power more than 114,000 homes.
“Renewable energy is a critical piece of the overall American energy production story. Investing in clean energy is a smart business decision and Texas continues to lead the way in strong investments, development and production,” said Sheldon Kimber, Intersect Power’s CEO. “Texas clean energy production has spurred significant economic development and job creation in the state while bringing energy security and independence to the U.S.”
The Radian solar project is part of Intersect Power’s near-term portfolio totaling 2.2 GW of solar PV and 1.4 GWh of co-located storage. The entire portfolio will be operational by the end of 2023.
Intersect Power secured funding for the project’s construction and operations as part of the broader portfolio financing announced in November 2021, when Intersect Power closed on portfolio level term debt, tax equity and construction financing commitments from leading financial institutions and investors. Investors included Bank of America and Apple, supported by an innovative offtake structure with Merrill Lynch Commodities. Certain funds and accounts managed by HPS Investment Partners, LLC and various co-investors invested in the portfolio term debt. Construction debt was provided by Coordinating Lead Arrangers MUFG and Santander Corporate & Investment Banking; along with Cobank, ACB; KeyBanc Capital Markets; Helaba; and Nord LB as Joint Lead Arrangers.
About Intersect Power
Intersect Power is a clean energy company bringing innovative and scalable low-carbon solutions to its global customers. The company develops some of the world’s largest clean energy resources providing low-carbon electricity, fuels, and related products to its customers. Intersect Power has a base portfolio of 2.2 GW of solar PV and 1.4 GWh of co-located storage that is in operation or late-stage construction. The company’s business plan includes growth in grid-tied renewables, as well as large-scale clean energy assets such as green hydrogen. To learn more about Intersect Power, visit www.intersectpower.com.
Oakland–[January 11, 2023]– Intersect Power, LLC, (“Intersect Power” or “Intersect”), announced the commercial operation of its Athos III solar project located in Riverside County, California, on December 22, 2022. The Athos III solar project was built by union labor, with American-made solar panels, batteries, and steel piles, meaning it is expected to meet the domestic content and prevailing wage requirements in the Inflation Reduction Act (IRA).
The Athos III solar project (also known as Blythe Mesa Solar II) generates 224 MWac/310 MWp of reliable solar energy, enough to power approximately 94,000 homes, and features 448 MWh of co-located storage.
“Today marks a major milestone for the Intersect Power team and our impact as a clean energy developer, owner and operator,”said Intersect Power CEO Sheldon Kimber. “Athos III demonstrates that Intersect continues to pioneer procurement standards for our industry that live up to the vision of the IRA. This project is much more than a significant new source of clean energy for California’s energy system; it’s also a case study in how the clean energy industry can maximize our impact by prioritizing domestic supply chains and union labor to ensure the benefits of the clean energy transition are felt by all Americans.”
The Athos III solar project is part of Intersect Power’s near-term portfolio totaling 2.2 GW of solar PV and 1.4 GWh of co-located storage. The remainder of the portfolio will be operational in 2023. Construction of the Athos III solar project created 500 peak union jobs.
Funding for the project’s construction and operations was secured as part of the broader portfolio financing announced last November, 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 HPS Investment Partners. The Tax Equity was provided by Morgan Stanley Renewables Inc. Construction debt was provided by Coordinating Lead Arrangers MUFG and Santander Corporate & Investment Banking, along with Cobank, KeyBanc Capital Markets, Helaba, and Nord LB as Joint Lead Arrangers.
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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 retail and wholesale energy markets. The company develops some of the world’s largest clean energy resources providing low-carbon electricity, fuels, and related products to customers across North America. Intersect Power has a base portfolio of 2.2 GW of solar PV and 1.4 GWh of co-located storage that is under construction or in operation. The company’s business plan includes growth in grid-tied renewables, as well as large-scale clean energy assets including green hydrogen. To learn more about Intersect Power, visit www.intersectpower.com.
Intersect Power expected to be the largest buyer and operator of First Solar technology by 2029
TEMPE, Ariz., November 17, 2022 – First Solar, Inc. (Nasdaq: FSLR) announced that it has entered into agreements to supply an additional 4.9 gigawatts (GW)DC of its high performance, responsibly produced, thin film photovoltaic (PV) solar modules to Intersect Power, LLC. When combined with a previously announced agreement for 2.4 GWDC signed in July 2022, these transactions take Intersect Power’s total orders for First Solar modules this year to 7.3 GWDC. Of the 4.9 GWDC, the agreement to supply 1 GWDC was signed prior to First Solar’s Q3 2022 earnings call in October, while the agreement to supply the remaining 3.9 GWDC was signed subsequent to the October earnings call.
The orders placed by Intersect Power this year will see a combination of First Solar’s Series 6 Plus and Series 7 modules deployed in its solar, storage, and green hydrogen projects coming online across the United States from 2025 to 2029.
“We have an unprecedented opportunity to decarbonize our economy while simultaneously bolstering our manufacturing sector and providing clean energy security,” said Sheldon Kimber, chief executive officer, Intersect Power. “First Solar’s responsibly produced, high-performance modules are the cornerstone of our commitment to American technology and workers. Our country’s energy transition must be American made.”
Prior to 2022, Intersect Power had placed orders for a total of 4.1 GWDC of modules in deals signed in 2019 and 2021. This latest transaction is expected to solidify its position as the world’s largest buyer and operator of First Solar’s US-developed, ultra-low carbon, PV module technology, with an estimated deployed capacity of 11.4 GWDC by 2029.
“Intersect Power was one of the early pioneers of long-term, multi-year procurement and has benefitted from the certainty of supply and stable pricing that this approach delivers,” said Georges Antoun, chief commercial officer, First Solar. “We’re proud of this enduring partnership and we’re thrilled that, as Intersect Power continues to scale, its growth will be underpinned by American solar technology produced by First Solar.”
Designed and developed at its R&D centers in California and Ohio, First Solar’s advanced thin film PV modules set industry benchmarks for quality, durability, reliability, design, and environmental performance. The modules have the lowest carbon and water footprint of any commercially available PV technology today.
Additionally, First Solar’s differentiated thin film semiconductor, integrated manufacturing process and tightly controlled supply chain helps eliminate the risk of exposure to solar supply chains identified by the US Department of Labor’s 2022 List of Goods Produced by Child Labor or Forced Labor as being tainted by forced labor. First Solar is the only company among the ten largest solar manufacturers globally to be a member of the Responsible Business Alliance (RBA), the world’s largest industry coalition dedicated to supporting the rights and well-being of workers and communities in the global supply chain. The company is also the first PV manufacturer to have its product included in the Electronic Product Environmental Assessment Tool (EPEAT) global registry for sustainable electronics.
First Solar, the only US-headquartered company among the world’s largest solar manufacturers, is expanding its manufacturing capacity at home and abroad. In addition to a third factory under construction in Ohio, the company recently announced that it is expanding its Ohio manufacturing footprint and a new manufacturing facility, its fourth American manufacturing facility, in the US Southeast. These latest investments are expected to bring First Solar’s total investment in American manufacturing to $4 billion, while its annual US manufacturing capacity is forecast to expand to over 10 GWDC by 2025. The company also announced that it plans to invest approximately $270 million in a dedicated research and development (R&D) innovation center in Perrysburg, Ohio, which is expected to be completed in 2024.
About Intersect Power
Intersect Power is a clean energy company bringing innovative and scalable low-carbon solutions to its customers in retail and wholesale energy markets. The company develops some of the world’s largest clean energy resources providing low-carbon electricity, fuels, and related products to customers across North America. Intersect Power has a base portfolio of 2.2 GW of solar PV and 1.4 GWh of co-located storage that is under construction or in operations. The company’s business plan includes growth in grid-tied renewables, as well as large-scale clean energy assets including green hydrogen. To learn more about Intersect Power, visit www.intersectpower.com.
About First Solar, Inc.
First Solar is a leading American solar technology company and global provider of responsibly produced eco-efficient solar modules advancing the fight against climate change. Developed at R&D labs in California and Ohio, the company’s advanced thin film photovoltaic (PV) modules represent the next generation of solar technologies, providing a competitive, high-performance, lower-carbon alternative to conventional crystalline silicon PV panels. From raw material sourcing and manufacturing through end-of-life module recycling, First Solar’s approach to technology embodies sustainability and a responsibility towards people and the planet. For more information, please visit www.firstsolar.com.
For First Solar Investors
This release contains forward-looking statements, which are made pursuant to safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements concerning an order for up to 4.9 GWDC of solar modules by Intersect Power; the expectation that this latest transaction between the parties will make Intersect Power the world’s largest buyer and operator of First Solar’s PV module technology, with an estimated deployed capacity of 11.4 GWDC by 2029; First Solar’s plan to invest up to build a fourth factory in the US Southeast and expanding the capacity of its existing manufacturing footprint in Ohio; First Solar’s expectation that its total investment in American manufacturing will be $4 billion; First Solar’s forecast that its annual US manufacturing capacity will expand to over 10 GWDC by 2025; and First Solar’s intention to invest approximately $270 million in a dedicated R&D innovation center that is expected to be completed by 2024. These forward-looking statements are often characterized by the use of words such as “estimate,” “expect,” “anticipate,” “project,” “plan,” “intend,” “seek,” “believe,” “forecast,” “foresee,” “likely,” “may,” “should,” “goal,” “target,” “might,” “will,” “could,” “predict,” “continue” and the negative or plural of these words and other comparable terminology. Forward-looking statements are only predictions based on our current expectations and our projections about future events and therefore speak only as of the date of this release. You should not place undue reliance on these forward-looking statements. We undertake no obligation to update any of these forward-looking statements for any reason, whether as a result of new information, future developments or otherwise. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause our actual results, levels of activity, performance, or achievements to differ materially from those expressed or implied by these statements. These factors include, but are not limited to, the matters discussed under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our most recent Annual Report on Form 10-K and our subsequently filed Quarterly Reports on Form 10-Q, as supplemented by our other filings with the Securities and Exchange Commission.
OAKLAND, CA, –[September 29, 2022] — 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.”
As with Intersect Power’s $2.6B financing announcement in November 2021, these financings follow the Company’s approach by incorporating structuring and pricing provisions designed to account for the higher proportion of uncontracted revenue in the portfolio. Proceeds from the term facility will support both construction and operation of the portfolio.
MUFG and Santander served as co-lead arrangers on the approximately $1.6 billion construction financing with NORD/LB, KeyBanc Capital Markets, Helaba, CoBank, Bank of America, and Zions Bancorporation acting as Joint Lead Arrangers. CoBank ACB is providing operational letters of credit to the Oberon I & II and the Lumina II projects.
“Intersect Power has robust capabilities as a developer of transformative renewable energy projects,” said Louise Pesce, Managing Director of Project Finance at MUFG. “We are honored to be a financing partner for this phase of their large solar plus storage portfolio which will catalyze the transition to a more sustainable energy infrastructure.”
“We are very proud to have supported Intersect in this transformative capital raise process in such a meaningful way,” said Nuno Andrade, Managing Director and Head of Structured Finance US at Santander’s Corporate & Investment Banking. “Intersect continues to position itself as an innovative company that develops renewable energy projects at scale to provide clean energy and US jobs, both of which are critical for the economy and the energy transition.”
“CoBank was pleased to work with the Intersect Power team to provide operational letters of credit on a bilateral basis under an innovative structure to the Oberon I, II and Lumina II projects of the portfolio” said Jackie Bove, managing director and head of project finance at CoBank, ACB.
Concurrent with the closing of the construction financing, Intersect secured approximately $775 million of commitments from leading tax equity investors, including Morgan Stanley Renewables Inc. (Oberon II), a Fortune 100 technology company (Lumina I), and U.S. Bank (Oberon I and Lumina II).
“We’re excited to partner with Intersect Power to grow solar capacity and storage with these investments in California with Oberon I and Texas with Lumina II,” said Jon Peeples,environmental finance business development director with U.S. Bancorp Community Development Corporation, the tax credit and community investment division of U.S. Bank. “Investments like these are a tangible way U.S. Bank can be a responsible steward of the environment and combat climate change while creating jobs and positively impacting local communities.”
“We are proud to again partner with Intersect Power by providing them capital to help accelerate their scalable and innovative approaches to decarbonizing energy sources,” said Jorge Iragorri, Managing Director and Head of the Alternative Financing Group at Morgan Stanley.
The allocation of $675 million of previously announced term-loan commitments was provided by HPS Investment Partners and Co-Investors.
Intersect and its partners were represented by the following counsel and advisors on the deals: Orrick Herrington & Sutcliffe represented IP as lead counsel on all transactions and Kirkland & Ellis LLP served as Intersect’s special tax counsel; CCA Capital LLC advised IP on the tax equity transactions; Greenberg Traurig served as counsel to U.S. Bank; Milbank LLP served as counsel to the tax equity investor on Lumina I; Mayer Brown LLP served as counsel to Morgan Stanley Renewables Inc.; Skadden, Arps, Slate, Meagher & Flom LLP served as counsel to HPS; and Winston & Strawn LLP served as counsel to the construction lenders.
About Intersect Power
Intersect Power is a clean energy company bringing innovative and scalable low-carbon solutions to its customers in retail and wholesale energy markets. The Company develops some of the world’s largest clean energy resources providing low-carbon electricity, fuels, and related products to customers across North America. Intersect Power has an 8.5+ GWp and 8+ GWh mid to late-stage pipeline that includes a base portfolio of 2.2 GWp of solar PV and 1.4 GWh of co-located storage that will be in operation by 2023. The Intersect team is also planning nearly 1 GW of green hydrogen production. To learn more about Intersect Power, visit www.intersectpower.com.
Media Contact:
Cate Powers
Intersect Power
415-939-3589 [email protected]
Intersect Power expected to be one of the largest buyers and operators of First Solar technology by 2027
TEMPE, Ariz., July 28, 2022 – US-headquartered First Solar, Inc. (Nasdaq: FSLR) announced that it has entered into an agreement to supply 2.4 gigawatts (GW)DCof its high-performance, advanced thin film photovoltaic (PV) solar modules to Intersect Power, LLC (“Intersect Power”). The modules are scheduled to be delivered from 2024 to 2026, making Intersect Power, which previously placed orders for a total of 4.1 GWDC, in 2019 and 2021, one of the world’s largest buyers and operators of First Solar’s responsibly-producedmodule technology with approximately 6.4 GWDC expected to be deployed by 2027.
The modules will be deployed in Intersect Power’s solar, storage, and green hydrogen projects coming online across the United States in 2025 through 2027. A large proportion of the modules are expected to be produced in First Solar’s Northwest Ohio manufacturing complex.
“Intersect Power’s ongoing relationship with First Solar has been critical in rapidly scaling our business to meet our vision and reliably delivering our customers value and performance to support their decarbonization goals,” said Sheldon Kimber, chief executive officer, Intersect Power. “We look forward to bringing this large-scale portfolio to operation, and creating good-paying, American jobs in both construction and manufacturing with First Solar’s domestically-produced modules.”
Designed and developed at its research and development (R&D) centers in California and Ohio, First Solar’s responsibly produced advanced thin film PV modules set industry benchmarks for quality, durability, reliability, design, and environmental performance.’
The modules have a carbon footprint that is 2.5 times lower and a water footprint that is three times lower than the average crystalline silicon solar panel made with cells produced in China. First Solar also operates an advanced high-value recycling program, which recovers approximately 90 percent of Cadmium Telluride (CadTel) semiconductor material which can be used to manufacture new modules, as well as other materials including aluminum, glass, and laminates. The company currently operates commercial recycling facilities in the US, Germany, Malaysia, and Vietnam. Additionally, First Solar is the only company among the ten largest solar manufacturers globally to be a member of the Responsible Business Alliance (RBA), the world’s largest industry coalition dedicated to supporting the rights and well-being of workers and communities in the global supply chain.
“Intersect Power sets an important example by maximizing the impact of its investments on the US economy without compromising on competitiveness,” said Georges Antoun, chief commercial officer, First Solar. “By powering its growth with American solar, Intersect Power is directly supporting US manufacturing and jobs and enabling a durable domestic supply chain. It is also demonstrating the ability of American solar technology not just to compete, but to help drive our country’s transition to a sustainable energy future.”
First Solar isinvesting $680 millionin expanding America’s domestic PV solar manufacturing capacity by 3.3 GW annually, by building its third US manufacturing facility, in Lake Township, Ohio. The new facility is expected to be commissioned in the first half of 2023 and when fully operational will scale the company’s Northwest Ohio footprint to a total annual capacity of 6 GW, which is believed to make it the largest fully vertically integrated solar manufacturing complex outside of China. First Solar has invested over $2 billion in its US manufacturing footprint and, when its third factory is fully operational, will directly employ over 2,500 people in Ohio, while supporting an estimated 15,000 indirect jobs through its American supply chain.
In addition to its Ohio manufacturing facilities, First Solar also operates factories in Vietnam and Malaysia, and is building a new 3.3 GW factory in India that is expected to be commissioned in the second half of 2023. With First Solar’s expansion in the United States and India and optimization of its existing fleet, the company anticipates that its nameplate manufacturing capacity will double to 16 GW in 2024. First Solar is the only US-headquartered company among the world’s ten largest solar manufacturers.
About Intersect Power
Intersect Power is a clean energy company bringing innovative and scalable low-carbon solutions to its customers in retail and wholesale energy markets. The Company develops some of the world’s largest clean energy resources providing low-carbon electricity, fuels, and related products to customers across North America. Intersect Power has an 8.5+ GWp and 8+ GWh mid to late-stage pipeline that includes a base portfolio of 2.2 GWp of solar PV and 1.4 GWh of co-located storage that will be in operation by 2023. The Intersect team is also planning nearly 1 GW of green hydrogen production. To learn more about Intersect Power, visit www.intersectpower.com.
About First Solar, Inc.
First Solar is a leading American solar technology company and global provider of responsibly produced eco-efficient solar modules advancing the fight against climate change. Developed at R&D labs in California and Ohio, the company’s advanced thin film photovoltaic (PV) modules represent the next generation of solar technologies, providing a competitive, high-performance, lower-carbon alternative to conventional crystalline silicon PV panels. From raw material sourcing and manufacturing through end-of-life module recycling, First Solar’s approach to technology embodies sustainability and a responsibility towards people and the planet. For more information, please visit www.firstsolar.com.
For First Solar Investors
This release contains forward-looking statements which are made pursuant to safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements concerning (1) an order for 2.4 GWDCof solar modules by Intersect Power; (2) the expectation that Intersect Power will be one of the largest buyers and operators of First Solar technology by 2027; and (3) First Solar’s plans to establish new factories in the United States and India, the expected capacities of those factories; and First Solar’s resulting global manufacturing capacity. These forward-looking statements are often characterized by the use of words such as “estimate,” “expect,” “anticipate,” “project,” “plan,” “intend,” “seek,” “believe,” “forecast,” “foresee,” “likely,” “may,” “should,” “goal,” “target,” “might,” “will,” “could,” “predict,” “continue” and the negative or plural of these words and other comparable terminology. Forward-looking statements are only predictions based on our current expectations and our projections about future events and therefore speak only as of the date of this release. You should not place undue reliance on these forward-looking statements. We undertake no obligation to update any of these forward-looking statements for any reason, whether as a result of new information, future developments or otherwise. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause our actual results, levels of activity, performance, or achievements to differ materially from those expressed or implied by these statements. These factors include, but are not limited to, the matters discussed under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our most recent Annual Report on Form 10-K and our subsequently filed Quarterly Reports on Form 10-Q, as supplemented by our other filings with the Securities and Exchange Commission.
Investment will provide significant capital to accelerate the build-out of Intersect Power’s clean energy platform, from today’s 2.4 GW portfolio to 8 GW+ of renewable generation, storage, and hydrogen production
TPG Rise Climate joins existing investments from CAI, Trilantic, and Intersect Power management to enable new pathways between clean electricity and the broader economy
Growth equity investment signals a commitment to the new products and scalability that are the focus of Intersect Power’s business
[June 28, 2022] — Intersect Power, LLC, (“Intersect Power” or the “Company”) announced today a $750 million growth equity investment led by TPG Rise Climate, the dedicated climate investing strategy of TPG’s global impact investing platform TPG Rise, with additional participation from existing investors, Climate Adaptive Infrastructure, LLC. (“CAI”), and Trilantic Energy Partners North America (“Trilantic”).This strategic partnership and investment will accelerate the achievement of Intersect Power’s continued progress in implementing its vision to enable pathways between clean electricity and the broader economy.
This growth equity investment will provide significant capital to scale Intersect Power’s business including the Company’s renewable energy portfolio and new product pipeline in the rapidly expanding clean energy sector. This investment supports the Company’s differentiated focus on shorter tenor offtake contracts combined with large-scale battery storage and new products, like green hydrogen, allowing it to benefit from the superior risk and return profile created by rising prices for global energy and clean commodities.
“Our partnership with TPG Rise Climate, CAI and Trilantic further fuels our collective pursuit toaccelerate 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,” said Sheldon Kimber, Intersect Power CEO. “The bridge between vision and progress is achieved by the continued buildout of clean energy solutions and our team is energized, now more than ever, to tackle climate change with gigawatts of real assets in the ground.”
With the US clean energy market’s recent supply chain disruptions, increasing capital costs and regulatory uncertainties, this investment further reinforces the durability of Intersect Power’s core business. The Company’s focus on shorter tenor contracts, differentiated financing structures and domestic supply chains has put Intersect Power in a unique position to continue to reliably deliver the most scalable and innovative low-carbon solutions for customers in wholesale and retail energy markets, including a growing number of emerging clean commodities customers, such as green hydrogen and e-fuels.
“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,” said Ed Beckley, Partner at TPG and senior member of its climate investing team. “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,” added Steven Mandel, Business Unit Partner in TPG Rise.
As part of the investment, Beckley, Mandel, and Maryanne Hancock, CEO of TPG’s Y Analytics, will represent TPG Rise Climate on Intersect Power’s board of directors, alongside Bill Green of CAI and Glenn Jacobson of Greenbelt Capital Partners.
“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,” said Bill Green, Founder and Managing Partner at Climate Adaptive Infrastructure. “From shorter tenor contracts to unbundling RECs to American module procurement, the team has consistently been ahead of the market in accelerating the adoption and impact of clean energy products that are the solution to the climate crisis.”
This investment will support Intersect Power’s accelerated entry into new markets and technologies, including nearly 1 GW of green hydrogen production, and the continued development of its mid to late stage portfolio totaling 8.5+ GWp and 8+ GWh throughout the United States. The Company currently has 2.2 GWp of solar PV and 1.4 GWh of co-located storage currently under construction that will be in operation by 2023.
BofA Securities served as financial advisor to Intersect Power in relation to the transaction and Orrick, Herrington & Sutcliffe LLP acted as legal counsel. PJT Partners served as financial advisor to TPG in relation to the transaction and Kirkland & Ellis acted as legal counsel.
Intersect Power is a clean energy company bringing innovative and scalable low-carbon solutions to its customers in retail and wholesale energy markets. The Company develops some of the world’s largest clean energy resources providing low-carbon electricity, fuels, and related products to customers across North America. Intersect Power has an 8.5+ GWp and 8+ GWh mid to late-stage pipeline that includes a base portfolio of 2.2 GWp of solar PV and 1.4 GWh of co-located storage that will be in operation by 2023. The Intersect team is also planning nearly 1 GW of green hydrogen production. To learn more about Intersect Power, visitwww.intersectpower.com.
TPG Rise Climate is the dedicated climate investing strategy of TPG’s global impact investing platform TPG Rise. TPG Rise Climate pursues climate-related investments that benefit from the diverse skills of TPG’s investing professionals, the strategic relationships developed across TPG’s existing portfolio of climate-focused companies, and a global network of executives and advisors. The fund takes a broad-based sector approach to investment types, from growth equity to value-added infrastructure, and focuses on climate solutions in the following thematic areas: clean electrons, clean molecules and materials, and negative emissions. Jim Coulter, TPG Founding Partner and Executive Chairman, serves as Managing Partner of TPG Rise Climate. Former U.S. Treasury Secretary Hank Paulson serves as TPG Rise Climate’s Executive Chairman. For more information, please visitwww.therisefund.com/tpgriseclimate.
Climate Adaptive Infrastructure, LLC (“CAI”) is an infrastructure investment firm specializing in low-carbon real assets in the energy, water and transport sectors. The firm seeks investments across core infrastructure assets that improve the sustainability and quality of life for the world’s large and growing population. CAI selects, finances, constructs and manages its investments using climate screens and metrics designed to enhance investment returns and cut carbon emissions.
Trilantic Capital Management L.P. (“Trilantic North America”) is a growth-focused middle market private equity firm focused on control and significant minority investments in North America. Trilantic North America focuses on investments in the business services and consumer sectors. Greenbelt Capital Partners is a growth-focused middle-market private equity firm focused on control and significant minority investments ranging from late-stage growth equity to private equity to infrastructure development across the energy sector. The Greenbelt investment team recently spun out of Trilantic North America and continues to serve as advisors to Trilantic North America and its managed funds. The senior team at Greenbelt has committed approximately $4.6 billion of equity capital to multiple portfolio companies and consummated more than $58 billion of M&A and financings in over 210 transactions across the portfolio. For more information, visit www.greenbeltcapital.com
Media Contacts:
Cate Power
Intersect Power
415-939-3589 [email protected]
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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