Intersect Power has secured an $800 million revolving credit line to support its development pipeline of renewable energy, energy storage, and green hydrogen projects, the company announced.
Coordinating Lead Arrangers and Joint Bookrunners, Deutsche Bank AG, Nomura Securities International, and Santander Corporate & Investment Banking backed the new revolving loan and letter of credit facility.
Santander CIB acted as Green Structuring Agent and Administrative Agent. Additional banks participating in the facility include Joint Lead Arrangers, First Citizens Bank, and HSBC, as well as participating lender Celtic Bank Corporation.
"This deal is one of the largest of its kind ever done in the clean energy sector," Intersect Power CEO Sheldon Kimber said in a statement. "It allows Intersect to bring gigawatts of clean energy online across solar, wind, and green hydrogen technologies and further demonstrates that growth is not only possible in infrastructure, but inevitable as the climate crisis requires a complete rebuild of our entire energy and industrial infrastructure."
The loan includes a Green Financing Framework that adheres to the 2023 LSTA Green Loan Principles and ICMA Green Bond Principles.
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Founded in 2016, Intersect Power, an independent power producer with 2.2 GW of solar generating capacity and 1.4 GWh of co-located energy storage in operation, has quickly solidified its position as a prolific fundraiser.
Last June, Intersect Power raised a $750 million growth equity investment from TPG Rise Climate, Climate Adaptive Infrastructure, and Trilantic Energy Partners North America. Climate Adaptive Infrastructure and Trilantic Energy Partners previously backed a $127 million equity investment.
