Intersect Power has recently achieved commercial operation of its Radian solar project situated in Brown County, Texas, the US.
The project incorporates First Solar panels and generates an impressive 415 MWp/320 MWac of solar energy, which is sufficient to power over 114,000 households.
During its three-year construction phase, the project created over 500 employment opportunities.
Intersect Power CEO Sheldon Kimber said: “Renewable energy is a critical piece of the overall American energy production story. Investing in clean energy is a smart business decision and Texas continues to lead the way in strong investments, development and production.
“Texas clean energy production has spurred significant economic development and job creation in the state while bringing energy security and independence to the US.”
Intersect Power’s Radian solar project is just one component of their near-term portfolio, which encompasses a total of 2.2GW of solar photovoltaic (PV) capacity and 1.4GWh of co-located storage. By the conclusion of 2023, the entire portfolio is expected to be fully operational, showcasing its commitment to renewable energy and storage solutions.
As part of their broader portfolio financing, Intersect Power successfully secured funding for the construction and operation of the Radian solar project. This financing was announced in November 2021 and involved a combination of portfolio-level term debt, tax equity, and construction financing commitments from prominent financial institutions and investors.
Investors such as Bank of America and Apple, along with support from Merrill Lynch Commodities, participated in the project through an innovative offtake structure. Additionally, certain funds and accounts managed by HPS Investment Partners as well as various co-investors, invested in the portfolio term debt.
For the construction debt, Intersect Power worked with Coordinating Lead Arrangers MUFG and Santander Corporate & Investment Banking, along with Cobank, ACB; KeyBanc Capital Markets; Helaba; and Nord LB, who acted as Joint Lead Arrangers.
This financing arrangement reflects the confidence and support of reputable institutions and investors in Intersect Power’s portfolio of renewable energy projects, including the Radian solar project.
