Solar

Intersect Power raises $750m to develop renewable energy portfolio

Intersect Power raises $750m to develop renewable energy portfolio
Intersect Power's 224 MWac Athos III solar farm under construction in California. (Courtesy: Intersect Power)

Intersect Power has announced a $750 million growth equity investment to accelerate the development of its clean energy and energy storage portfolio.

The investment supports Intersect Power's focus on shorter tenor offtake contracts combined with large-scale battery storage and new products, like green hydrogen.

TPG Rise Climate led the investment with participation from existing investors, Climate Adaptive Infrastructure, and Trilantic Energy Partners North America.

Intersect Power's project portfolio

As part of the investment, Beckley, Mandel, and Maryanne Hancock, CEO of TPG’s Y Analytics, will represent TPG Rise Climate on Intersect Power’s board of directors, alongside Bill Green of CAI and Glenn Jacobson of Greenbelt Capital Partners.

Intersect Power said the investment "reinforces its durability" amid supply chain constraints, increasing capital costs, and regulatory uncertainties. Intersect Power CEO Sheldon Kimber appeared on a recent episode of the Factor This! podcast to discuss the impacts of the Auxin Solar tariff petition on the clean energy sector.

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Intersect Power's clean energy portfolio features an emphasis on green hydrogen production at nearly 1 GW.

The company 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.