Monday, December 5 2022 Sign In   |    Register

News Quick Search



Front Page
Power News
Today's News
Yesterday's News
Week of Nov 28
Week of Nov 21
Week of Nov 14
Week of Nov 07
Week of Oct 31
By Topic
By News Partner
Gas News
News Customization


Pro Plus(+)

Add on products to your professional subscription.
  • Energy Archive News

    Home > News > Power News > News Article

    Share by Email E-mail Printer Friendly Print

    Intersect Power closes $3.1 bn financing for 2.2 GW solar plus storage portfolio.

    October 4, 2022 - NS Energy


      Intersect Power has closed $2.4 bn of new funding commitments and $675 M of previously disclosed commitments to back the development of a 2.2 GW solar plus storage portfolio. The agreement involves construction investment, operational letters of credit, tax equity, and a part of previously revealed portfolio level term debt with allies. The portfolio involves four solar plants totalling nearly 1.5 GWdc and a 1.0 GWh Battery Energy Storage System (BESS) project. The four solar farms - Oberon I, Oberon II, Lumina I, and Lumina II - would be launched in 2023. The Oberon facilities in California total around 685 MWp plus 1000 MWh BESS. The Lumina units in Texas have a cumulative capacity of almost 840 MWp. The projects are part of the firm's late-phase portfolio totalling 2.2 GW of late-phase solar farms with 1.4 GWh of storage. The present project financings, which come after the firm's $2.6 bn funding announcement in Nov 2021, will back both the portfolio's construction and operation. Spain's Santander and Japan's Mitsubishi UFJ Financial (MUFG) acted as co-lead arrangers on the $1.6 bn construction funding. Germany-based commercial banking firm NORD/LB, Helaba, KeyBanc Capital Markets, Bank of America, CoBank, and Zions Bancorporation served as joint lead arrangers. US-based national cooperative bank CoBank ACB offered operational letters of credit to the Lumina II and Oberon I and II facilities. In relation to the funding, the firm has secured roughly $775 M of commitments from tax equity investors Morgan Stanley Renewables. It has been allotted with $675 M of previously announced term-loan commitments from HPS Investment Partners and co-investors. Original Source: NS Energy,


    Other Articles - International


       Home  -  Feedback  -  Contact Us  -  Safe Sender  -  About Energy Central   
    Copyright © 1996-2022 by CyberTech, Inc. All rights reserved.
    Energy Central® and Energy Central Professional® are registered trademarks of CyberTech, Incorporated. Data and information is provided for informational purposes only, and is not intended for trading purposes. CyberTech does not warrant that the information or services of Energy Central will meet any specific requirements; nor will it be error free or uninterrupted; nor shall CyberTech be liable for any indirect, incidental or consequential damages (including lost data, information or profits) sustained or incurred in connection with the use of, operation of, or inability to use Energy Central. Other terms of use may apply. Membership information is confidential and subject to our privacy agreement.