Large-scale renewable energy developer Intersect Power has secured a revolving credit facility to the tune of US$800 million to support the deployment of its solar, energy storage and wind asset pipeline.
Deutsche Bank, Nomura Securities International and Santander Corporate & Investment Banking (Santander CIB) led the financing, with additional support from First Citizens Bank, HSBC and participating lender Celtic Bank Corporation.
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Intersect Power CEO Sheldon Kimber said that the credit: “allows Intersect to bring gigawatts of clean energy online across solar, wind, and green hydrogen technologies and further demonstrates that growth is not only possible in infrastructure, but inevitable as the climate crisis requires a complete rebuild of our entire energy and industrial infrastructure.”
This round of funding follows the US$3.1 billion that Intersect secured in September last year, intended to develop its 2.2GW near-term project portfolio. Santander co-led this investment as well.
The most recent loan includes a Green Financing Framework that adheres to the 2023 LSTA1 Green Loan Principles and ICMA2 Green Bond Principles.
According to its website, Intersect Power has 11 projects in its pipeline across the south and southwestern US, set to be completed from 2024 and beyond. The majority are paired with battery storage. It says that it expects to bring another 2.2GW of generation projects and 1.4GWh of storage online by the end of this year.
“Santander is proud to extend our ongoing support for Intersect with this strategic and innovative financing that will allow the Company to continue delivering high-quality large-scale renewable energy projects, while complementing such projects with green molecule investments that should enable the deep decarbonisation of our economy,” said Nuno Andrade, head of global debt financing US for Santander CIB.
Intersect power has a number of long-term supply agreements with leading US module manufacturer First Solar. Through 2029, Intersect will take delivery of 7.3GWdc of First Solar’s Series 6 and Series 7 thin film cadmium-telluride modules, making it one of the largest procurers of First Solar products.
