power move
Houston company secures $837M for trio of Texas energy storage projects
Houston-based clean energy company Intersect Power has wrapped up $837 million in financing for the construction and operation of three standalone battery energy storage systems in Texas.
The money came in the form of debt financing, construction debt, and tax equity. The projects qualify for tax credits under the federal Inflation Reduction Act. Backers of the financing include Deutsche Bank, Morgan Stanley, and affiliates of HPS Investment Partners.
All three storage systems — Lumina I, Lumina II, and Radian — are expected to be online this year. Each system will be capable of storing 320 megawatts of solar power with a two-hour duration.
“Batteries will be a vital part of the energy transition and are the perfect complement to the billions of dollars of solar generation that we are building in California and Texas,” Sheldon Kimber, founder and CEO of Intersect, says in a news release.
Kimber says the storage systems will help Intersect Power triple the size of its portfolio over the next three years.
Intersect’s portfolio features 2.2 gigawatts of solar projects that are already operating, and 2.4 gigawatt hours of storage being operated or built. The company was founded in 2016.
Intersect recently signed a deal with Tesla Energy for 15.2 gigawatt hours of Megapack battery energy storage systems. The contract, which will deliver systems for Intersect projects in Texas and California, ends in 2030.
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