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

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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).

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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
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