Intersect Power LLC, a prominent US clean energy company, has confirmed securing USD 837 million (EUR 765.5m) in financing commitments for the construction and operation of three standalone Battery Energy Storage Systems (BESS) in Texas.
This announcement was made on Wednesday, highlighting the significant investment aimed at enhancing grid reliability and supporting renewable energy integration.
According to Intersect Power, the financing includes portfolio-level construction debt, tax equity, and term debt from multiple financial entities. Specifically, Morgan Stanley will provide tax equity, while funds managed by HPS Investment Partners will contribute to construction debt and term debt investments. Deutsche Bank is set to provide additional construction debt and operational letters of credit for the projects.
“The funding secured will advance our Lumina I, Lumina II, and Radian BESS projects, each designed with a capacity of 320 MWh and a two-hour duration, using 86 Tesla Megapacks per system. We anticipate all systems to commence operations within this year,” Intersect Power stated in its release.
These projects are eligible for Investment Tax Credits under the Inflation Reduction Act, underscoring their alignment with federal incentives aimed at promoting clean energy investments in the United States.
