Clean energy firm Intersect Power LLC has raised USD 750 million (EUR 710m) in growth equity capital from TPG's global impact investing platform and others so it could scale its renewables portfolio and new product pipeline.
Intersect Power announced the transaction on Tuesday, saying that it was led by TPG Rise Climate, with additional participation from existing investors Climate Adaptive Infrastructure LLC (CAI) and Trilantic Energy Partners North America.
The subject of the investment is a US developer of clean energy projects, including solar and energy storage, with a mid-to-late stage portfolio of over 8.5 GWp and 8 GWh. At present, the company has 2.2 GWp of solar photovoltaic (PV) plants and 1.4 GWh of co-located storage under construction. These assets are expected to be put into operation by next year.
Moreover, Intersect Power intends to develop almost 1 GW of green hydrogen production.
The company says it focuses on shorter tenor off-take contracts, differentiated financing structures and reliance on domestic supply chains.
Following the investment, TPG partner Ed Beckley, Steven Mandel, who is a Business Unit Partner in TPG Rise, and Maryanne Hancock, CEO of TPG's Y Analytics, will join Intersect Power's board of directors. Seats will be given to Bill Green of CAI and Glenn Jacobson of Greenbelt Capital Partners as well.
(USD 1 = EUR 0.947)
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