Utility-scale renewables developer Intersect Power has secured US$750 million in funding to take its portfolio of renewables, energy storage and green hydrogen projects beyond 8GW.
The growth equity investment will accelerate the developer’s entrance in new markets and technologies, including 1GW of green hydrogen production, and more than trebling its mid-to-late stage portfolio to 8.5GWp of renewables and 8GWh of co-located storage pipeline in the US.
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Its current pipeline of solar PV projects in construction sits at 2.2GWp, while its co-located storage pipeline stands at 1.4GWh, all of which is set to be operational by 2023.
The investment was led by climate investor TPG Rise Climate with additional participation from existing investors Climate Adaptive Infrastructure and Trilantic Energy Partners North America.
Intersect said the new financing will enable it to continue focusing on securing shorter offtake contracts combined with large-scale battery storage and green hydrogen production.
“Our partnership with TPG Rise Climate, CAI and Trilantic further fuels our collective pursuit to accelerate 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, CEO at Intersect Power.
As part of the investment, Ed Beckley, Steven Mandel and Maryanne Hancock, all three representing TPG Rise Climate will join Intersect Power’s board of directors.
In November 2021, Intersect Power secured US$2.6 billion in financing for the construction and operation of a portfolio of 2.2GWdc solar and 1.4GWh of co-located storage projects in California and Texas.