Investment makes Intersect Power one of North America’s largest owners of solar and energy storage facilities, allows for rapid expansion into other emerging classes of clean infrastructure
San Francisco — 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 independent power producer (IPP), an entity that generates electric power for sale to utilities and end users. Intersect Power has also closed on a $482 million debt facility with Generate Capital (“Generate”) and CarVal Investors (“CarVal”).
“Intersect Power 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. Our business model, and clear understanding of what it takes to put steel in the ground, is an incredible opportunity for an innovation-focused team like Intersect,” said Intersect Power CEO and co-founder Sheldon Kimber. “Having deployed billions of dollars of clean infrastructure, our differentiated approach to the convergence of power markets and financial markets has 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 and business models,” said Bill Green, Founder and Managing Partner at Climate Adaptive Infrastructure. “Sheldon and 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 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 potential, talent, 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.
About Intersect Power
Founded in 2016, Intersect Power is a clean infrastructure company bringing efficient, innovative, and scalable low-carbon solutions to its customers in energy and commodity markets. Our expertise includes all phases of development, design, engineering, finance and operations. Intersect Power has a pipeline of [3.4GWDC] of late-stage solar and storage projects that will be in operation by 2023 and an emerging pipeline of other clean infrastructure assets. The company has also developed and sold more than 1.7 GWDC of contracted solar projects across California and Texas, which are owned and operated by third party investors. For more information, visitwww.intersectpower.com.
About Climate Adaptive Infrastructure
Climate Adaptive Infrastructure, LLC (“CAI”) is an infrastructure investment firm specializing in low-carbon real assets in the energy, water and transport sectors. The firm seeks investments across core infrastructure assets that improve the sustainability and quality of life for the world’s large and growing population. CAI selects, finances, constructs and manages its investments using climate screens and metrics designed to enhance investment returns and cut carbon emissions.
About Trilantic North America
Trilantic Capital Management L.P. (“Trilantic North America”) is a private equity firm focused on control and significant minority investments in North America. Trilantic North America’s primary investment focus is in the business services, consumer and energy sectors. Trilantic North America has managed six private equity fund families with aggregate capital commitments of $9.7 billion. Trilantic North America has been recognized by Inc. Magazine’s 2019 list of Top 50 Founder-Friendly Private Equity Firms. For more information, visit www.trilanticnorthamerica.com.
About CarVal Investors
CarVal Investors is an established global alternative investment fund manager focused on distressed and credit-intensive assets and market inefficiencies. Since 1987, CarVal has invested $124 billion in 5,495 transactions across 82 countries. CarVal has an established history of energy and power investments and is innovative in structuring partnerships in the renewables industry. For more information, visit www.carvalinvestors.com.
Generate (Capital, Inc.) is a leading sustainable infrastructure company driving the infrastructure revolution. Generate builds, owns, operates and finances solutions for clean energy, water, waste and transportation. Founded in 2014, Generate partners with over 35 technology and project developers and owns and operates more than 2,000 assets globally. Generate is the one-stop shop offering pioneers of the Infrastructure Revolution tailored funding and support needed to get projects built. Our Infrastructure-as-a-Service™ model delivers affordable, reliable and sustainable resources to over 1,000 customers, companies, communities, school districts and universities. Together, we are rebuilding the world. For more information, please visit www.generatecapital.com.