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					</table><p><a href="https://www.intersectpower.com/" target="_blank" rel="noopener">Intersect Power</a>, a U.S.-based renewable energy company, has closed an $800 million revolving corporate credit facility to support the development, construction, and operation of its upcoming portfolio of renewable energy, energy storage, and green hydrogen projects.</p>
<p>The company has a base portfolio of 2.2 GW of solar and 1.4 GWh of co-located energy storage under construction or in operation.</p>
<p>The company’s business plan includes growth in grid-tied renewables and large-scale clean energy assets, including green hydrogen.</p>
<p><a href="https://www.db.com/index?language_id=1&amp;kid=sl.redirect-en.shortcut" target="_blank" rel="noopener">Deutsche Bank</a>, <a href="https://www.nomuraholdings.com/company/group/nsc/" target="_blank" rel="noopener">Nomura Securities International</a>, and <a href="https://www.santandercib.com/" target="_blank" rel="noopener">Santander Corporate &amp; Investment Banking</a> served as Coordinating Lead Arrangers and Joint Bookrunners for this revolving loan and letter of credit facility. Santander CIB also acted as the transaction&#8217;s Green Structuring Agent and Administrative Agent.</p>
<p>Other participating banks include First Citizens Bank, HSBC, and Celtic Bank Corporation, serving as Joint Lead Arrangers and participating lenders.</p>
<p>The loan includes a Green Financing Framework that aligns with the 2023 LSTA Green Loan Principles and ICMA Green Bond Principles.</p>
<p>Intersect Power&#8217;s Green Financing Framework underwent a comprehensive review by Morningstar Sustainalytics, which published a Second-Party Opinion Report confirming Intersect&#8217;s adherence to the Green Loan Principles.</p>
<p>According to Sheldon Kimber, CEO of Intersect Power, this deal represents one of the largest ever executed in the clean energy sector. The credit facility will enable Intersect Power to deploy gigawatts of clean energy projects encompassing solar, wind, and green hydrogen technologies.</p>
<p>Kimber emphasized that this milestone demonstrates the infrastructure sector&#8217;s inevitability and immense growth potential as the climate crisis necessitates a comprehensive global energy and industrial infrastructure rebuild.</p>
<p>Intersect Power was advised by Kirkland &amp; Ellis as legal counsel, while Norton Rose Fulbright represented the coordinating lead arrangers in their legal capacity. Riverside Risk Advisors supported Intersect Power as an interest rate hedge advisor throughout the transaction.</p>
<p>Last September, Intersect Power <a href="https://www.mercomindia.com/intersect-power-3-1-billion-financing-solar-plus-storage" target="_blank" rel="noopener">closed</a> an aggregate of $2.4 billion of new financing and an additional $675 million against earlier commitments for developing four solar projects with a cumulative capacity of 1.5 GW and 1 GWh battery energy storage system.</p>
<p>Global venture capital funding for the solar sector in the first quarter (Q1) of 2023 came to $2.1 billion in 18 deals, a 40% increase compared to $1.5 billion raised in 18 deals in Q4 2022, according to Mercom&#8217;s <a href="https://mercomcapital.com/product/q1-2023-solar-funding-ma-report/" target="_blank" rel="noopener">Q1 2023 Solar Funding and M&amp;A Report</a>. Year-over-year funding was 75% higher compared to Q1 2022.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/arjun-joshi/" class="vcard author" rel="author"><span class="fn">Arjun Joshi</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Arjun-Joshi-1.png" width="50" /></p>
<p><strong style="text-decoration: underline">Arjun Joshi,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/arjun-joshi/" target="_blank" rel="noopener">More articles from Arjun Joshi.</a></p>
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<p><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Arjun-Joshi-1.png" width="86" height="102" /><a href="https://mercomindia.com/author/arjun-joshi/" target="_blank" rel="noopener"><strong style="color: #00b451">Arjun Joshi</strong> </a>is a staff reporter at Mercom India. Before joining Mercom, he worked as a technical writer for enterprise resource software companies based in India and abroad. He holds a bachelor’s degree in Journalism, Psychology, and Optional English from Garden City University, Bangalore. <a href="https://mercomindia.com/author/arjun-joshi" target="_blank" rel="noopener">More articles from Arjun Joshi.</a></p>
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Intersect Gets $800 Million Revolving Credit Line for Renewables Portfolio Expansion


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					</table><p>From: <a href="https://mercomcapital.com/project-finance-brief-lightsource-bp-closes-financing-for-a-210-mw-solar-project/" target="_blank" rel="noopener"><strong>Mercom Capital Group</strong></a></p>
<p><strong>Lightsource bp, a solar project developer, <a href="https://mercomcapital.com/lightsource-bp-raises-funding-solar-project/" target="_blank" rel="noopener">closed</a> R$800 million (~$148.7 million) financing for its 210 MW of Milagres Solar project in Brazil. </strong>Banco do Brasil provided R$423 million (~$78.6 million) debt financing through the Northeast Development Fund, managed by the Brazilian governmental agency Superintendência de Desenvolvimento do Nordeste. Construction of the complex’s transmission system began in December 2021, and construction of the five solar sites that comprise the park began this month, in Abaiara, in the state of Ceará.</p>
<p><strong>Intersect Power, a U.S.-based renewable energy project developer, announced the </strong><a href="https://mercomindia.com/intersect-power-3-1-billion-financing-solar-plus-storage/" target="_blank" rel="noopener"><strong>closing</strong></a><strong> of an aggregate of $2.4 billion of new financing </strong>and an additional $675 million against earlier commitments to develop four solar projects with a cumulative capacity of 1.5 GW and 1 GWh battery energy storage system (BESS). The project portfolio includes Lumina I and Lumina II in Texas, totaling 840 MW, and Oberon I and Oberon II in California, accounting for about 685 MW and 1 GWh BESS.</p>
<p><strong>Altus Power, an independent developer, owner, and operator of commercial-scale solar facilities announced definitive agreements to </strong><a href="https://mercomcapital.com/altus-power-acquires-operating-solar-project-assets/" target="_blank" rel="noopener"><strong>acquire</strong></a><strong> around 97 MW of operating solar assets</strong> from undisclosed sellers for $220 million through a combination of cash and assumed liabilities. The acquisition of 88 MW of these assets is subject to closing conditions and is expected to be closed in the coming weeks.</p>
<p><strong>ReneSola Power, a solar project developer, <a href="https://mercomcapital.com/renesola-power-sells-solar-projects-ab-carval/" target="_blank" rel="noopener">sold </a></strong><strong>70 MW of solar development projects to AB CarVal, an investment fund manager in Pennsylvania</strong>. The portfolio consists of three ground-mounted utility-scale projects in Pennsylvania in the broader PJM transmission territory. The projects are being sold at the “Notice to Proceed” stage, and AB CarVal will complete the construction and retain long-term ownership.</p>
<p><strong>ReneSola Power, a fully integrated solar project developer, </strong><a href="https://mercomcapital.com/renesola-acquires-50-mw-solar-project-in-the-uk/" target="_blank" rel="noopener"><strong>acquired</strong></a><strong> 50 MW of Project Branston, a solar project</strong> in Lincoln, UK, from P&amp;T Global Renewable Energy. Project Branston’s 50 MW solar project has been operational since October 12, 2020.</p>
<p><strong>Hamburg-based renewable energy asset manager CEE Group and DAL Deutsche Anlagen-Leasing have </strong><a href="https://renews.biz/80856/cee-finances-250mw-european-solar-portfolio/" target="_blank" rel="noopener"><strong>signed</strong></a><strong> three financing agreements for 250 MWp</strong> of European photovoltaic projects. Of the three projects, two plants are located in Spain and one in Germany. The open-space solar parks in Spain, at Castilla La Mancha and near the Spanish city of Cuenca, will each deliver an output of 50MWp. The large-scale plant in Dollen, Brandenburg, is designed for 154 MWp.</p>
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Project Finance Brief: Lightsource bp Closes Financing for a 210 MW Solar Project in Brazil


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					</table><p><a href="https://www.intersectpower.com/" target="_blank" rel="noopener">Intersect Power</a>, a U.S.-based renewable energy project developer, announced the closing of an aggregate of $2.4 billion of new financing and an additional $675 million against earlier commitments for developing four solar projects with a cumulative capacity of 1.5 GW and 1 GWh battery energy storage system (BESS).</p>
<p>The transactions represent construction financing, tax equity, operational letters of credit, and a portion of previously announced portfolio-level term debt with industry-leading partners.</p>
<p>The project portfolio includes Lumina I and Lumina II in Texas, totaling 840 MW, and Oberon I and Oberon II in California, accounting for about 685 MW and 1 GWh BESS.</p>
<p>These are part of Intersect Power’s late-stage portfolio totaling 2.2 GW of solar projects with 1.4 GWh storage and are likely to be operational in 2023.</p>
<p>“These closings culminate a multi-year process raising more than $6 billion to build out one of the largest solar plus storage portfolios our country has seen to date, which serves as a platform for future growth into green hydrogen and other decarbonization technologies,” said Sheldon Kimber, CEO of Intersect Power.</p>
<p>Mitsubishi UFJ Financial Group and Santander Group served as co-lead arrangers, securing approximately $1.6 billion in construction financing with Germany’s Norddeutsche Landesbank, KeyBanc Capital Markets, Helaba, CoBank, Bank of America, and Zions Bancorporation acting as joint lead arrangers.</p>
<p>CoBank ACB would provide the operational letters of credit to both Oberon I &amp; II and the Lumina II projects. HPS Investment Partners and co-investors allocated the $675 million of previously announced term-loan commitments.</p>
<p>The company has also secured $775 million commitments from leading tax equity investors, including Morgan Stanley Renewables Inc., an undisclosed Fortune 100 technology company, and U.S. Bank.</p>
<p>In November this year, Intersect Power <a href="https://mercomindia.com/intersect-2-6-billion-project-financing/" target="_blank" rel="noopener">obtained</a> $2.6 billion in financing commitments to support the construction and operation of six projects with 2.2 GW of solar and 1.4 GWh of storage capacity.</p>
<p>According to Mercom Capital’s <a href="https://mercomcapital.com/product/1h-q2-2022-solar-funding-ma-report/" target="_blank" rel="noopener">1H and Q2 2022 Solar Funding and M&amp;A Report</a>, total corporate funding, including venture capital funding, public market, and debt financing, for the solar sector in the first half (1H) 2022 stood at $12 billion.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gautamee-hazarika/" class="vcard author" rel="author"><span class="fn">Gautamee Hazarika</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Gautamee,</strong> Staff reporter at Mercom India<br />
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<a href="gautamee@mercomindia.com" target="_blank" rel="noopener">gautamee@mercomindia.com</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">Gautamee</a> is a reporter at Mercom India. Prior to Mercom, Gautamee was working as a multimedia news journalist at ThePrint in New Delhi. She has received her Bachelors in English Honors and Masters in English Literature from St.Stephen&#8217;s College, University of Delhi.<a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">More articles from Gautamee</a></div>
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Intersect Power Closes $3.1 Billion Financing for 2.2 GW Solar Plus Storage Portfolio

<p>United States-based large-scale renewable energy project developer <a href="https://www.intersectpower.com/" target="_blank" rel="noopener">Intersect Power</a> has obtained $2.6 billion in financing commitments to support the construction and operation of six projects with 2.2 GW<sub>DC</sub> of solar and 1.4 GWh of storage capacity.</p>
<p>The transaction covers construction financing, tax equity, land financing, and portfolio level term debt with industry-leading partners. The portfolio includes Athos III, Oberon I and II in California, and  Radian, Lumina I and II in Texas. All six projects are expected to be operational by 2023.</p>
<p>Intersect Power said it had secured $1.4 billion of portfolio level, term debt funding from HPS Investment Partners and co-investors, along with existing Intersect investors CarVal Investors, Generate and Climate Adaptive Infrastructure.</p>
<p>It also agreed on $800 million in construction financing led by co-coordinating lead arrangers MUFG and Santander Bank NA. The proceeds from this facility will be used to finance the construction of Athos III in California&#8217;s Riverside County, with a direct current (DC) capacity of 310 MW and 453 MWh of battery storage and the 415-MW DC Radian solar project in Texas&#8217; Brown County.</p>
<p>The company has also secured $400 million of commitments from tax equity investors like Bank of America and Morgan Stanley Renewables Inc.</p>
<p>&#8220;This financing will allow Intersect to deliver a core set of projects in the next two years that will serve as the platform for future growth into green hydrogen and beyond. This is the base from which our company will build the most scalable, transformative clean energy projects that minimize cost and risk per MW deployed, and move the needle on the deep decarbonization of our economy,&#8221; said Sheldon Kimber founder and CEO, Intersect.</p>
<p>Bank of America and Morgan Stanley &amp; Co. LLC served as co-lead arrangers and structuring agents on the term debt placement. The term financing facility incorporates structuring and pricing provisions designed to account for the portfolio&#8217;s higher proportion of uncontracted revenue. Proceeds from the term facility will support both construction and operation of the portfolio.</p>
<p>Earlier this year, Intersect Power <a href="https://mercomindia.com/corporate-funding-solar-9m-2021/" target="_blank" rel="noopener">raised</a> $127 million in one of the top five solar sector funding deals in 9M 2021. The company had also <a href="https://mercomindia.com/solar-assets-demand-corporate-funding/" target="_blank" rel="noopener">raised</a> $482 million in the first quarter of this year.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/arjun-joshi/" class="vcard author" rel="author"><span class="fn">Arjun Joshi</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Arjun-Joshi-1.png" width="50" /></p>
<p><strong style="text-decoration: underline">Arjun Joshi,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/arjun-joshi/" target="_blank" rel="noopener">More articles from Arjun Joshi.</a></p>
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<p><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Arjun-Joshi-1.png" width="86" height="102" /><a href="https://mercomindia.com/author/arjun-joshi/" target="_blank" rel="noopener"><strong style="color: #00b451">Arjun Joshi</strong> </a>is a staff reporter at Mercom India. Before joining Mercom, he worked as a technical writer for enterprise resource software companies based in India and abroad. He holds a bachelor’s degree in Journalism, Psychology, and Optional English from Garden City University, Bangalore. <a href="https://mercomindia.com/author/arjun-joshi" target="_blank" rel="noopener">More articles from Arjun Joshi.</a></p>
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