OAKLAND, CA, –[September 29, 2022] — Intersect Power, LLC, (“Intersect Power” or the “Company”) announced today the closing of an aggregate of $2.4 billion of new financing commitments and the allocation of $675 million of previously announced commitments for the construction and operations of four solar energy projects totaling approximately 1.5GWDC PV + 1,0GWH BESS. As transações representam financiamento de construção, patrimônio fiscal, cartas operacionais de crédito e uma parte de Nível de portfólio anunciado anteriormente Dívida de termo com parceiros líderes do setor. Os projetos MWP e OBERON I e II, na Califórnia, totalizam aproximadamente 685 MWP + 1.000mWh Bess. Esses projetos fazem parte do portfólio de estágio avançado da empresa, totalizando 2,2 GW de projetos solares em estágio avançado com 1,4 GWh de armazenamento. Tecnologias
All four projects – Lumina I, Lumina II, Oberon I and Oberon II – are expected to be operational in 2023. The Lumina I and II projects, in Texas, total approximately 840 MWp and the Oberon I and II projects, in California, total approximately 685 MWp + 1,000MWh BESS. These projects are part of the Company’s late-stage portfolio totaling 2.2 GW of late-stage solar projects with 1.4 GWh of storage.
“These closings culminate a multi-year process raising more than $6 billion to build out one of the largest solar + storage portfolios our country has seen to date which serves as a platform for future growth into green hydrogen and other decarbonization technologies ”, disse Sheldon Kimber, CEO da Intersect Power. "A força de nossas parcerias e a determinação das equipes coletivas valida ainda mais nosso caminho para descarbonizar os cantos difíceis de alcançar da economia". Portfólio. Os recursos da instalação do termo apoiarão a construção e a operação do portfólio. A Cobank ACB está fornecendo cartas operacionais de crédito aos projetos Oberron I & II e Lumina II. “Temos a honra de ser um parceiro de financiamento nesta fase de seu grande portfólio de armazenamento solar e de armazenamento, que catalisa a transição para uma infraestrutura energética mais sustentável.”
As with Intersect Power’s $2.6B financing announcement in November 2021, these financings follow the Company’s approach by incorporating structuring and pricing provisions designed to account for the higher proportion of uncontracted revenue in the portfolio. Proceeds from the term facility will support both construction and operation of the portfolio.
MUFG and Santander served as co-lead arrangers on the approximately $1.6 billion construction financing with NORD/LB, KeyBanc Capital Markets, Helaba, CoBank, Bank of America, and Zions Bancorporation acting as Joint Lead Arrangers. CoBank ACB is providing operational letters of credit to the Oberon I & II and the Lumina II projects.
“Intersect Power has robust capabilities as a developer of transformative renewable energy projects,” said Louise Pesce, Managing Director of Project Finance at MUFG. “We are honored to be a financing partner for this phase of their large solar plus storage portfolio which will catalyze the transition to a more sustainable energy infrastructure.”
“Estamos muito orgulhosos de apoiar o setor de Bedragem e o diretor de capital transformador de uma maneira tão significativa”, disse o NUNONAnder e o diretor de gerenciamento e o diretor de capital transformador de uma finção de finalização. “Intersect continues to position itself as an innovative company that develops renewable energy projects at scale to provide clean energy and US jobs, both of which are critical for the economy and the energy transition.”
“CoBank was pleased to work with the Intersect Power team to provide operational letters of credit on a bilateral basis under an innovative structure to the Oberon I, II and Lumina II projects of the portfolio” said Jackie Bove, managing Diretor e chefe de financiamento de projetos da Cobank, ACB. Faça parceria com o poder intersect para aumentar a capacidade solar e o armazenamento com esses investimentos na Califórnia com Oberon I e Texas com a Lumina II ”, disse Jon Peeples, diretor de desenvolvimento de negócios de finanças ambientais da U.S. Bancorp Community Development Corporation, Crédito tributário e divisão de investimentos comunitários do Banco dos EUA. “Investimentos como esses são uma maneira tangível de o banco dos EUA pode ser um administrador responsável do meio ambiente e combater as mudanças climáticas enquanto cria empregos e impacta positivamente as comunidades locais.”
Concurrent with the closing of the construction financing, Intersect secured approximately $775 million of commitments from leading tax equity investors, including Morgan Stanley Renewables Inc. (Oberon II), a Fortune 100 technology company (Lumina I), and U.S. Bank (Oberon I and Lumina II).
“We’re excited to partner with Intersect Power to grow solar capacity and storage with these investments in California with Oberon I and Texas with Lumina II,” said Jon Peeples,environmental finance business development director with U.S. Bancorp Community Development Corporation, the tax credit and community investment division of U.S. Bank. “Investments like these are a tangible way U.S. Bank can be a responsible steward of the environment and combat climate change while creating jobs and positively impacting local communities.”
= "Estamos orgulhosos de fazer parceria novamente com o poder cruzado, fornecendo capital para ajudar a acelerar suas abordagens escaláveis e inovadoras para descarbonizar fontes de energia", disse Jorge Iragurri, diretor administrativo e chefe do grupo de financiamento alternativo em Morgan Stanley. Co-investidores. A CCA Capital LLC aconselhou o IP sobre as transações de patrimônio fiscal; Greenberg Traurig serviu como advogado do U.S. Bank; A Milbank LLP serviu como advogado do investidor de patrimônio fiscal sobre Lumina I; Mayer Brown LLP serviu como advogado da Morgan Stanley Renowables Inc.; Skadden, Arps, Slate, Meagher & Flom LLP serviram como advogado da HPS; e Winston & Strawn LLP serviu como advogado dos credores da construção. A Intersect Power é uma empresa de energia limpa, que traz soluções inovadoras e escaláveis de baixo carbono para seus clientes nos mercados de energia de varejo e atacado. A empresa desenvolve alguns dos maiores recursos de energia limpa do mundo, fornecendo eletricidade de baixo carbono, combustíveis e produtos relacionados a clientes da América do Norte. A Power Intersect possui um pipeline de 8,5 GWP e 8+ GWh de médio e estágio tardio, que inclui um portfólio base de 2,2 GWp de PV solar e 1,4 GWh de armazenamento co-localizado que estará em operação até 2023. A equipe de intersect também está planejando quase 1 GW de produção de hidrogênio verde. Para saber mais sobre o poder intersect, visite www.interctpower.com.
The allocation of $675 million of previously announced term-loan commitments was provided by HPS Investment Partners and Co-Investors.
Intersect and its partners were represented by the following counsel and advisors on the deals: Orrick Herrington & Sutcliffe represented IP as lead counsel on all transactions and Kirkland & Ellis LLP served as Intersect’s special tax counsel; CCA Capital LLC advised IP on the tax equity transactions; Greenberg Traurig served as counsel to U.S. Bank; Milbank LLP served as counsel to the tax equity investor on Lumina I; Mayer Brown LLP served as counsel to Morgan Stanley Renewables Inc.; Skadden, Arps, Slate, Meagher & Flom LLP served as counsel to HPS; and Winston & Strawn LLP served as counsel to the construction lenders.
About Intersect Power
Intersect Power is a clean energy company bringing innovative and scalable low-carbon solutions to its customers in retail and wholesale energy markets. The Company develops some of the world’s largest clean energy resources providing low-carbon electricity, fuels, and related products to customers across North America. Intersect Power has an 8.5+ GWp and 8+ GWh mid to late-stage pipeline that includes a base portfolio of 2.2 GWp of solar PV and 1.4 GWh of co-located storage that will be in operation by 2023. The Intersect team is also planning nearly 1 GW of green hydrogen production. To learn more about Intersect Power, visit appery.info.
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