US-based renewable energy projects developer Intersect Power has started commercial operations at its Lumina Solar project in Scurry County, Texas, US.
The Lumina project is installed with First Solar panels to generate 828MWp/640MWac of reliable solar energy, which is adequate to power more than 243,000 homes annually.
The project has created more than 900 jobs at peak construction, providing existing wages throughout the entire development cycle, said the renewable energy developer.
Intersect Power CEO Sheldon Kimber said: “Renewable energy is a critical piece of the overall American energy production story and Texas continues to lead the way in development and production.
“We are proud to own and operate our now fully operational 2.2GW solar + 1.4GWh storage portfolio in Texas and California, which has helped drive significant economic development and job creation while bringing energy security and independence to our country.”
Intersect Power said that two Fortune 100 companies have agreed to purchase the renewable energy credits generated by the Lumina project.
In September last year, the company secured the funding for the project’s construction and operations, as part of the broader portfolio financing.
Intersect Power closed on portfolio-level term debt, tax equity, and construction financing commitments from top financial institutions and investors.
The company secured portfolio term debt from certain funds and accounts managed by HPS Investment Partners and other Co-Investors.
US Bancorp Impact Finance and two Fortune 100 companies offered the Tax Equity.
Intersect Power secured the construction debt from MUFG and Santander Corporate & Investment Banking as coordinating lead arrangers.
The company also secured the debt from CoBank, KeyBanc Capital Markets, Bank of America, Helaba, and Nord/LB as joint lead arrangers.
Orrick, Herrington & Sutcliffe represented Intersect as lead counsel, Kirkland & Ellis served as special tax counsel to Intersect, while CCA Capital advised Intersect on tax equity transactions.
Also, Greenberg Traurig served as counsel to US Bancorp Impact Finance, and Winston & Strawn served as counsel to the construction lenders.
