Intersect Power Raises $750M for Renewables, Storage and Hydrogen

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Large-scale renewable energy developer Intersect Power has secured US$750 million in funding to grow its portfolio of renewable energy, energy storage and green hydrogen projects beyond 8 GW.

Growth capital investment will accelerate developer’s entry into new markets and technologies, including 1 GW of green hydrogen production, and more than triple its mid-to-late-stage portfolio to 8.5 GWp of energies renewables and 8 GWh of co-located storage pipeline in the United States. .

Its current pipeline of solar PV projects under construction stands at 2.2 GWp, while its co-located storage pipeline stands at 1.4 GWh, all of which are expected to be operational by 2023.

The investment was led by climate investor TPG Rise Climate with additional participation from existing investors Climate Adaptive Infrastructure and Trilantic Energy Partners North America.

Intersect said the new funding will allow it to continue to focus on securing shorter off-take contracts combined with large-scale battery storage and green hydrogen production.

As part of the investment, Ed Beckley, Steven Mandel and Maryanne Hancock, all representing TPG Rise Climate, will join Intersect Power’s board of directors.

In November 2021, Intersect Power secured US$2.6 billion in funding for the construction and operation of a portfolio of 2.2 GWdc solar projects and 1.4 GWh of co-located storage in California and Texas.

Pine Gate Renewables and DE Shaw raise $900 million between them

In the past week, two other major fundraisers have been completed by US companies developing large-scale renewable energy, with interest in solar photovoltaics and energy storage.

Sustainable infrastructure investment firm Generate Capital has invested $500 million in US developer Pine Gate Renewables to support its large-scale solar expansion.

The investment will be split into $200 million in equity and $300 million in long-term asset partnership to finance solar projects. As part of the investment, Generate Capital will join Pine Gate’s board of directors.

The solar and energy storage developer currently operates over 1 GW of renewable energy projects.

Additionally, it has a 20 GW pipeline under active development across the United States and has raised over US$1 billion in corporate and project financing in the past six months.

readers of Energy-Storage.news will note that this year, Pine Gate Renewables signed memorandum of understanding agreements for several gigawatt hours of lithium-free energy storage technologies: nickel-hydrogen battery storage from startup Enervenue and with battery storage company at urban electric power zinc base.

DE Shaw Renewables Investments (DESRI) has secured up to US$400 million in new financing to support its US renewable energy strategy.

The independent power producer turned to funds managed by asset management group Harbert Infrastructure for financing, including Gulf Pacific Power and Harbert Infrastructure Fund VI, with all financing to be used at DESRI’s discretion.

DESRI currently has a portfolio of renewable assets totaling 6 GW, including projects in the operational development, construction and contract stages.

The group’s investments in energy storage to date include a solar-plus-storage project in California expected to be commissioned in 2024, for which it has signed a combined power purchase agreement (PPA) for 200 MW /400 MW with Sacramento Municipal Utility District (SMUD), Energy-Storage.news reported in March.

It is also developing the Arroyo Solar and Storage project in New Mexico, which combines 300 MWac of solar PV with a 150 MW/600 MWh battery energy storage system (BESS) and became Wells Fargo’s first tax investment. in the US solar plus storage market. Last year. Arroyo will help the New Mexico utility continue to serve customers after the upcoming shutdown of its coal-fired San Juan Generating Station, as well as other solar and storage resources.

DESRI financier Harbert, meanwhile, is no stranger to power generation, having investments in power assets totaling 7 GWac of generation capacity.

This story first appeared as separate items regarding To cut, Pine Gate Renewable Energy and DESRI on our sister site PV technology.

DESRI piece by Liam Stoker.

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