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.