Intersect Power Secures Over $600 Million of Corporate Capital to Accelerate Growth of Leading Clean Infrastructure Company

Intersect Power, LLC, (“Intersect Power”) one of North America’s largest developers of utility-scale renewable energy, has secured $127 million in equity funding from Climate Adaptive Infrastructure, LLC (“CAI”) and Trilantic North America to accelerate the company’s transition to a scalable provider of electric power for utilities and large end-users. Intersect Power has also closed on a $482 million debt facility with Generate Capital (“Generate”) and CarVal Investors (“CarVal”).

“The Intersect Power team has developed 3.7 GWDC of solar assets with a portfolio value of more than $8 billion. The investments announced today will give us the ability to more quickly scale our core business of solar and energy storage, while expanding further into emerging classes of clean infrastructure, like green hydrogen. Intersect combines a clear understanding of what it takes to put steel in the ground with a focus on what comes next in the deployment of low-carbon technologies,” said Intersect Power CEO and co-founder Sheldon Kimber. “Having deployed billions of dollars of clean infrastructure, our innovative approach to the convergence of power markets and financial markets served as a stepping stone for Intersect to become a large, scalable IPP. That same approach positions us at the forefront of what’s next in clean infrastructure.”

“We are pleased to be founding investors in Intersect Power, a company defining the future of renewable infrastructure with remarkable connectivity between capital markets, supply chains, greenfield development, and innovative technologies,” said Bill Green, Founder and Managing Partner at Climate Adaptive Infrastructure. “Intersect Power’s deep bench of senior executives are experts at strategically deploying capital across low-carbon infrastructure assets. Additionally, we look forward to Intersect Power’s expansion into green hydrogen, another critical component for global decarbonization.”

“We are thrilled to have invested in Intersect Power, a founder-led, innovative infrastructure company that we believe has become a leader in the renewables space, and we are especially excited to partner with Sheldon, Luke, and the rest of the Intersect Power team to drive the company to the next level,” said Glenn Jacobson, Partner at Trilantic North America. “We remain believers that the pace of the energy transition will continue to accelerate and are excited to help Intersect Power develop utility-scale solutions for the decarbonization of the electric grid.”

“We are excited to partner with Intersect’s industry-leading team. We admire their proven track record for innovation in the utility-scale renewable energy market,” said Jeff Ross, Senior Managing Director and Head of Investment Team at Generate.

“This exciting opportunity reflects our proven ability to structure deals that take advantage of evolving technologies, financial tools and energy markets. We see no limits to how far and fast clean infrastructure can grow, and this funding is further affirmation that we have the capabilities, pipeline, and investors to get there,” concluded Kimber.

Orrick, Herrington & Sutcliffe provided legal counsel to Intersect Power. Latham & Watkins acted as legal counsel for the equity providers and Kirkland & Ellis and Foley & Lardner for debt.