Orrick, Herrington & Sutcliffe LLP
07/19/2024 | Press release | Distributed by Public on 07/19/2024 12:34
Energy Transition: Intersect Power Secures $837 Million to Build and Operate Three Battery Energy Storage Systems in Texas
Intersect Power, LLC, has closed two transactions representing $837 million in financing commitments to build and operate three standalone Battery Energy Storage Systems in Texas.
Orrick represented Intersect Power.
The transactions cover portfolio-level construction debt, tax equity and term debt financing with industry-leading partners.
THE COMPANY
Intersect Power is a clean energy company bringing innovative and scalable low-carbon solutions to its customers in global energy markets. The company develops, owns and operates some of the world's largest clean energy resources providing low-carbon electricity, fuels and related products to customers for U.S. consumption and international export.
Founded in 2016, Intersect Power focuses on scalable, transformative clean energy projects that move the needle on deep decarbonization and redefine the scope of the clean energy industry by enabling new pathways between clean electricity and the broader economy.
THE IMPACT
The three BESS systems - Lumina I, Lumina II and Radian - each will provide a capacity of 320 MWh of battery storage with a two-hour duration.
Sheldon Kimber, Intersect Power's founder and CEO, said the systems "should allow us to provide more consistent financial performance from a diversified fleet of renewable generation and storage."
"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," Kimber said.
THE TEAM
The Orrick team advising Intersect Power was led by Adam Griffin (debt) and Amy Padgett (tax equity), and included Devin Canavan, Molly Jergenson, Lauren Estell and Liz Goldstein.
Others Orrick lawyers who worked on the transactions include John Eliason, Cory Lankford, Darrell Thomas, Giji John, Kelly Choo, Nik Mathews, Jonas Robison, Braxton Roam, Mae Ji and Zachary Huey.