Intersect Power bags USD 600m in capital for renewables expansion

US-based renewables developer Intersect Power LLC announced on Tuesday it has secured more than USD 600 million (EUR 495m) in corporate capital to speed up its growth.

The green infrastructure company said it has obtained USD 127 million in equity funding from Climate Adaptive Infrastructure LLC (CAI) and private equity firm Trilantic Capital Management LP, also known as Trilantic North America.

Furthermore, Intersect Power has closed on a USD-482-million debt facility with sustainable infrastructure firm Generate Capital Inc and alternative investment fund manager CarVal Investors.

According to Intersect Power’s CEO and co-founder, Sheldon Kimber, the team behind the company has so far developed some 3.7 GW direct current (DC) of solar projects with a portfolio value surpassing USD 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," Kimber stated.

(USD 1.0 = EUR 0.825)

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