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Lumina solar4/27/2023 LLC served as co-lead arrangers and structuring agents on the term debt placement. Intersect Power said what distinguishes this financing structure from typical renewable projects is the $1.4 billion of portfolio-level, term debt funding, provided by HPS Investment Partners and co-investors, along with existing Intersect investors CarVal Investors, Generate Capital, and Climate Adaptive Infrastructure. The transactions cover construction financing, tax equity, land financing, and portfolio-level term debt. The Texas projects include Radian, sited in Brown County, along with Lumina I and Lumina II in Scurry County. The California projects include Athos III, along with Oberon 1 and Oberon 2, part of a massive buildout of solar energy projects in Riverside County. This is government investment … and investments pay dividends for generations to come. It’s time to stop putting off until tomorrow, what must be done today.” “The investments being debated in Congress may feel large, but they pale by comparison to the cost of doing nothing. “Without question, infrastructure is the most important part of combating the climate crisis,” he told POWER. Kimber has been vocal about the importance of cleaner power generation and its societal impact. The closing of the deals announced Thursday allows Intersect Power to move forward with 2.2 GWDC of solar projects, along with 1.4 GWh of energy storage, that are scheduled to be in operation by 2023. ![]() The company has said that model can provide higher risk-adjusted returns for investors. Intersect’s business model focuses on active management of shorter-term offtake contracts, along with portfolio-level financing. ![]() This is the base from which our company will build the most scalable, transformative clean energy projects that minimize cost and risk per MW deployed, and move the needle on the deep decarbonization of our economy.” “This financing will allow Intersect to deliver a core set of projects in the next two years that will serve as the platform for future growth into green hydrogen and beyond. “These closings demonstrate what Intersect has been saying for some time now-that today’s long-term offtake contracts actually destroy value, and that there are innovative ways to finance clean energy assets which enable more valuable offtake structures,” said Sheldon Kimber, founder and CEO of Intersect. 18 said the projects show that innovative financing can enable “more valuable offtake structures” for such installations when compared to longer-term offtake contracts. A company that invests in clean energy projects to serve customers interested in low-carbon sources of electricity announced it has closed eight separate deals, representing a total of $2.6 billion in financing commitments for construction and operation of six late-stage solar energy projects with 2.2 GW of generation capacity in California and Texas.
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