Intersect Power secures $837 million to build and operate three battery storage systems in Texas

Intersect Power, LLC, has completed two transactions totaling $837 million in financing commitments to build and operate three independent battery storage systems in Texas.

Orrick represented Intersect Power.

Transactions include portfolio-level construction debt, tax equity and term debt financing with industry-leading partners.

BUSINESS

Intersect Power is a clean energy company that delivers innovative and scalable low-carbon solutions to its customers in the global energy markets. The company develops, owns and operates some of the world’s largest clean energy resources, providing customers with low-carbon electricity, fuels and related products for consumption in the U.S. and for international export.

Founded in 2016, Intersect Power is focused on scalable, transformational clean energy projects that drive deep decarbonization and redefine the scope of the clean energy industry by enabling new pathways that connect clean electricity to the broader economy.

INFLUENCE

The three BESS systems – Lumina I, Lumina II and Radian – will have 320 MWh of battery capacity and will operate for two hours.

Sheldon Kimber, founder and CEO of Intersect Power, said the systems “should enable us to achieve more stable financial outcomes with a diverse fleet of renewables and storage.”

“Batteries will be a vital part of the energy transition and are a great complement to the billions of dollars of solar generation we are building in California and Texas,” Kimber said.

TEAM

The Orrick team advising Intersect Power was led by Adam Griffin (Debt) and Amy Padgett (Tax Equity) and included Devin Canavan, Molly Jergenson, Lauren Estell and Liz Goldstein.

Other Orrick attorneys who worked on these transactions include John Eliason, Cory Lankford, Darrell Thomas, Giji John, Kelly Choo, Nik Mathews, Jonas Robison, Braxton Roam, Mae Ji and Zachary Huey.

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