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    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, http://www.nsenergybusiness.com.

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