Intersect Power, a renewable energy developer, has successfully secured a revolving credit facility of $800 million to bolster the implementation of its solar, energy storage, and wind asset pipeline.
Leading the financing are Deutsche Bank, Nomura Securities International, and Santander Corporate & Investment Banking (Santander CIB). First Citizens Bank, HSBC, and participating lender Celtic Bank Corporation also contributed to the funding initiative.
Sheldon Kimber, CEO of Intersect Power, expressed that the credit facility “allows Intersect to bring gigawatts of clean energy online across solar, wind, and green hydrogen technologies.” He further emphasized that the financing showcases the inevitability of growth in infrastructure, especially considering the urgent need to rebuild the entire energy and industrial infrastructure due to the climate crisis.
This latest funding round follows the $3.1 billion secured by Intersect Power in September last year, specifically allocated for the development of its 2.2GW near-term project portfolio. Santander also co-led this investment.
Notably, the recently acquired loan incorporates a Green Financing Framework that aligns with the 2023 LSTA1 Green Loan Principles and ICMA2 Green Bond Principles, further underlining Intersect Power's commitment to sustainable financing.
Intersect Power's website reveals that the company has 11 projects in its pipeline, primarily located in the southern and southwestern regions of the United States. These projects are scheduled for completion from 2024 onwards, with a significant portion being paired with battery storage systems. The company expects to bring an additional 2.2GW of generation projects and 1.4GWh of storage online by the end of this year.
Nuno Andrade, Head of Global Debt Financing US for Santander CIB, expressed pride in the ongoing support provided to Intersect Power. He highlighted that the strategic and innovative financing will enable the company to continue delivering high-quality large-scale renewable energy projects while complementing them with green molecule investments, thus facilitating the deep decarbonization of the economy.
Furthermore, Intersect Power has established long-term supply agreements with leading US module manufacturer First Solar. Over the course of the agreement until 2029, Intersect Power will procure 7.3GWdc of First Solar's Series 6 and Series 7 thin-film cadmium-telluride modules, solidifying its position as one of the largest procurers of First Solar products.
