US based solar and storage projects developer Intersect Power has secured $750 million growth equity investment from a host of investors led by TPG Rise Climate which it believes will accelerate the build out of its clean energy platform from 2.4 GW now to over 8 GW.
Its current portfolio comprises 2.2 GW of solar PV and 1.4 GWh of co-located storage capacity under construction, scheduled to come online in 2023. It is also planning close to 1 GW of green hydrogen production.
"This investment will support Intersect Power's accelerated entry into new markets and technologies, including nearly 1 GW of green hydrogen production, and the continued development of its mid-to-late-stage portfolio totaling 8.5+ GWp and 8+ GWh throughout the United States," stated Intersect.
The climate investment arm of TPG Rise, TPG Rise Climate is already an equity investor in Nextracker (see Flex Spinning Off Nextracker Business). It was joined by Intersect's existing investors Climate Adaptive Infrastructure (CAI) and Trilantic Energy Partners.
Intersect added that the fresh investment will support its business model of shorter tenor contracts with large scale battery storage and new products as green hydrogen, differentiated financing structures and domestic supply chains. It stands to gain from the superior risk and return profile created due to rising prices for global energy and clean commodities.
Back in November 2021, Intersect raised $2.6 billion for a portfolio of 2.2 GW DC solar and 1.4 GWh storage (see North America PV News Snippets).