Reports related to this article:
Project(s): View 4 related projects in PECWeb
Plant(s): View 4 related plants in PECWeb
Released June 30, 2023 | SUGAR LAND
en
Researched by Industrial Info Resources (Sugar Land, Texas--U.S.-based Intersect Power (Beaverton, Oregon) said Tuesday it has secured an up to $800 million revolving line of credit, also known as a credit facility, to support and expand its clean-energy portfolio. Industrial Info is tracking $4 billion worth of projects from Intersect Power, all of which is attributed to solar and battery-energy storage system (BESS) projects.
According to the Corporate Finance Institute (Vancouver, Canada), a revolving credit facility is a "line of credit arranged between a bank and a business," which comes with an established maximum amount; businesses can access the funds at any time as needed.
Among the credit's financial backers is a consortium comprising Deutsche Bank AG (Frankfurt am Main, Germany), Nomura Securities International--a subsidiary of Nomura Holdings (Tokyo, Japan)--and Santander Corporate & Investment Banking (Madrid, Spain). This development comes after Intersect Power last year announced a $1 billion growth equity investment from three other entities.
The loan proceeds will support the development, construction, and operation of Intersect's "next wave" of renewables, energy storage, and green hydrogen projects, according to a press release.
"This deal is one of the largest of its kind ever done in the clean energy sector," said Intersect Power Chief Executive Officer Sheldon Kimber. "It allows Intersect to bring gigawatts of clean energy online across solar, wind, and green hydrogen technologies...."
According to the company website, Intersect Power has 2.2 gigawatts (GW) of photovoltaic (PV) solar capacity and 1.4 gigawatt-hours of co-located storage that is under construction or in operations, all of which it expects will be operational by the end of the year. Its business plan includes growth in renewables tied to the energy grid as well as "large-scale clean energy assets."
Among the company's projects under construction is the $550 million Lumina Solar Plant in Snyder, Texas, which will provide 300 megawatts (MW) of alternating current (AC) electricity, which the electrical grid uses, according to the U.S. Department of Energy. Primoris Services Corporation (NASDAQ:PRIM) (Rosharon, Texas) is slated to finish construction by the end the year. Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Project Database can click here to read more information.
In California, the $650 million Oberon solar-plus-storage project in Desert Center, California is expected to wrap up by the end of the year. Located in the southern part of the state and about halfway between Los Angeles and Phoenix, the project will generate 500 MW of solar power and provide 500 MW of battery storage. SOLV Energy (San Diego, California) is performing engineering, procurement and construction (EPC) services for the project. Subscribers can read more in a detailed project report.
Also in Desert Center is the proposed $1.1 billion Easley solar plant, which would sit on a site of 3,600 acres and is expected to provide 650 MW of solar generation. However, reporting from The Guardian notes nearby residents have expressed concerns about the project, which would come just 200 meters (about 656 feet) from their backyards. In a statement to the publication, Elizabeth Knowles, director of community engagement for Intersect Power, said the company has been in contact with the residents and plan to integrate their feedback into the project's planning.
Subscribers can click here to read a detailed project report.
In early June, Intersect Power announced its Radian Solar Plant in Brown County, Texas, east of Waco, began commercial operations. The facility has a solar generation capacity of 415 MW by utilizing First Solar Incorporated's (NASDAQ:FSLR) (Tempe, Arizona) Series 6 panels. Click here to read more information.
Subscribers can click here for a full list of detailed reports for projects mentioned in this article, and click here for a full list of plant profiles.
Click here for a full list of active projects attributed to Intersect Power.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 Trillion (USD).
According to the Corporate Finance Institute (Vancouver, Canada), a revolving credit facility is a "line of credit arranged between a bank and a business," which comes with an established maximum amount; businesses can access the funds at any time as needed.
Among the credit's financial backers is a consortium comprising Deutsche Bank AG (Frankfurt am Main, Germany), Nomura Securities International--a subsidiary of Nomura Holdings (Tokyo, Japan)--and Santander Corporate & Investment Banking (Madrid, Spain). This development comes after Intersect Power last year announced a $1 billion growth equity investment from three other entities.
The loan proceeds will support the development, construction, and operation of Intersect's "next wave" of renewables, energy storage, and green hydrogen projects, according to a press release.
"This deal is one of the largest of its kind ever done in the clean energy sector," said Intersect Power Chief Executive Officer Sheldon Kimber. "It allows Intersect to bring gigawatts of clean energy online across solar, wind, and green hydrogen technologies...."
According to the company website, Intersect Power has 2.2 gigawatts (GW) of photovoltaic (PV) solar capacity and 1.4 gigawatt-hours of co-located storage that is under construction or in operations, all of which it expects will be operational by the end of the year. Its business plan includes growth in renewables tied to the energy grid as well as "large-scale clean energy assets."
Among the company's projects under construction is the $550 million Lumina Solar Plant in Snyder, Texas, which will provide 300 megawatts (MW) of alternating current (AC) electricity, which the electrical grid uses, according to the U.S. Department of Energy. Primoris Services Corporation (NASDAQ:PRIM) (Rosharon, Texas) is slated to finish construction by the end the year. Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Project Database can click here to read more information.
In California, the $650 million Oberon solar-plus-storage project in Desert Center, California is expected to wrap up by the end of the year. Located in the southern part of the state and about halfway between Los Angeles and Phoenix, the project will generate 500 MW of solar power and provide 500 MW of battery storage. SOLV Energy (San Diego, California) is performing engineering, procurement and construction (EPC) services for the project. Subscribers can read more in a detailed project report.
Also in Desert Center is the proposed $1.1 billion Easley solar plant, which would sit on a site of 3,600 acres and is expected to provide 650 MW of solar generation. However, reporting from The Guardian notes nearby residents have expressed concerns about the project, which would come just 200 meters (about 656 feet) from their backyards. In a statement to the publication, Elizabeth Knowles, director of community engagement for Intersect Power, said the company has been in contact with the residents and plan to integrate their feedback into the project's planning.
Subscribers can click here to read a detailed project report.
In early June, Intersect Power announced its Radian Solar Plant in Brown County, Texas, east of Waco, began commercial operations. The facility has a solar generation capacity of 415 MW by utilizing First Solar Incorporated's (NASDAQ:FSLR) (Tempe, Arizona) Series 6 panels. Click here to read more information.
Subscribers can click here for a full list of detailed reports for projects mentioned in this article, and click here for a full list of plant profiles.
Click here for a full list of active projects attributed to Intersect Power.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 Trillion (USD).
