Intersect Power closes US$3.1 billion financing to complete 2.2GW near-term portfolio, takes recent funding to US$6 billion

Facebook
Twitter
LinkedIn
Reddit
Email
The four solar projects located in Texas and California with a total capacity of 1.5GW are expected to be operational by 2023. Image: Intersect Power.

Utility-scale renewables developer Intersect Power has secured US$3.1 billion in project financing to complete its 2.2GW near-term clean energy portfolio in the US.

The transactions cover construction financing, tax equity, operational letters of credit and portfolio level term debt with an aggregate of US$2.4 billion for new financing commitments and the allocation of US$675 million for the construction and operation of four solar projects with a capacity of 1.5GW of solar PV and a 1GWh battery energy storage system (BESS).

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

All four projects are expected to be operational in 2023, with two – Lumina I and Lumina II with 840MWp capacity – located in Texas, while the other two solar-plus-storage projects – Oberon I and Oberon II with 685MWp solar PV and 1GWh of BESS – in the Californian desert. Oberon I received construction approval from the US Bureau of Land Management (BLM) earlier this year.

These projects are part of Intersect’s 2.2GW near-term PV portfolio and 1.4GWh storage pipeline for which the company had already secured US$2.6 billion of financing last year.

Moreover, in June 2022 the renewables developer closed another funding of US$750 million to increase its renewables, energy storage and green hydrogen portfolio beyond 8GW.

“These closings culminate a multi-year process raising more than US$6 billion to build out one of the largest solar-plus-storage portfolios our country has seen to date which serves as a platform for future growth into green hydrogen and other decarbonisation technologies,” said Sheldon Kimber, CEO of Intersect Power.

The construction financing, with approximately US$1.6 billion, was co-lead by MUFG and Santander and included NORD/LB, KeyBanc Capital Markets, Helaba, CoBank, Bank of America and Zions Bancorporation as joint lead arrangers, while CoBank ACB provided operational letters of credit to the Oberon I and II and the Lumina II projects.

Concurrent with the closing of the construction financing, Intersect secured roughly US$775 million of commitments from tax equity investors, including Morgan Stanley Renewables for Oberon II, a Fortune 100 technology company for Lumina I, and US Bank for Oberon I and Lumina II. While the US$675 million funding for the four solar projects was provided by HPS Investment Partners and Co-Investors.

Furthermore, the developer landed an agreement supply with First Solar in August for 2.4GW of its thin film PV modules which are scheduled to be delivered from 2024 to 2026.

21 October 2025
New York, USA
Returning for its 12th edition, Solar and Storage Finance USA Summit remains the annual event where decision-makers at the forefront of solar and storage projects across the United States and capital converge. Featuring the most active solar and storage transactors, join us for a packed two-days of deal-making, learning and networking.

Read Next

October 3, 2025
EDF Renewables and Enlight Renewable Energy have advanced solar-plus-storage projects in New Mexico and Arizona.
October 3, 2025
SunStrong Management has raised US$900 million to refinance a 'large portfolio' of residential solar assets developed by SunPower.
October 1, 2025
Fortis Energy has secured a construction permit for a 270MW PV plant combined with a 72MWh battery energy storage system in Serbia.
Premium
September 26, 2025
CALSSA's Kevin Luo spoke with PV Tech Premium exclusively on the association’s complaint about slow approval practices in California.
September 26, 2025
Global grids have failed to keep pace with renewable energy technologies and have become the “bottleneck of the energy transition”, according to a new policy report from the Global Solar Council (GSC).
September 25, 2025
Spanish renewables developer X-Elio has commissioned its first solar-plus-storage project in the US, which comprises of 72MW solar PV.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 7, 2025
Manila, Philippines
Solar Media Events
October 7, 2025
San Francisco Bay Area, USA
Solar Media Events
October 21, 2025
New York, USA
Solar Media Events
November 25, 2025
Warsaw, Poland