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US developer Intersect secures US$750 million for renewables, energy storage pipeline

By Jonathan Tourino Jacobo
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Utility-scale renewables developer Intersect Power has secured US$750 million in funding to take its portfolio of renewables, energy storage and green hydrogen projects beyond 8GW.

The growth equity investment will accelerate the developer’s entrance in new markets and technologies, including 1GW of green hydrogen production, and more than trebling its mid-to-late stage portfolio to 8.5GWp of renewables and 8GWh of co-located storage pipeline in the US.

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Its current pipeline of solar PV projects in construction sits at 2.2GWp, while its co-located storage pipeline stands at 1.4GWh, all of which is set 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 financing will enable it to continue focusing on securing shorter offtake contracts combined with large-scale battery storage and green hydrogen production.

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

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

Pine Gate Renewables, D.E. Shaw raise US$900 million between them

In the past week or so, two other major fund raises have been achieved by US companies developing utility-scale renewables, with an interest in solar PV and energy storage.

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

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

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

Moreover, it has a pipeline of 20GW in active development across the US and has raised over US$1 billion in corporate and project capital financing in the last six months.

Readers of Energy-Storage.news will note that this year, Pine Gate Renewables has signed Memorandum of Understanding agreements for multiple gigawatt-hours of non-lithium energy storage technologies: nickel-hydrogen battery storage from startup Enervenue, and with zinc-based battery storage company Urban Electric Power.

D.E. Shaw Renewables Investments (DESRI) has secured up to US$400 million in new capital finance to support its US renewables strategy.

The independent power producer has turned to funds managed by asset management group Harbert Infrastructure for the finance, 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 totalling 6GW, comprising projects at the operational, under construction and contracted stages of development.

The group’s investments in energy storage to date have included a solar-plus-storage project in California due to come online in 2024, for which it signed a 200MW/400MW combined power purchase agreement (PPA) 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 300MWac of solar PV with a 150MW / 600MWh battery energy storage system (BESS) and became Wells Fargo’s first tax equity investment into the US solar-plus-storage market late last year. Arroyo will help utility Public Service Company of New Mexico keep serving customers after the forthcoming closure of its San Juan Generating Station coal plant, along with other solar-plus-storage resources.

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

This story first appeared as separate items regarding Intersect, Pine Gate Renewables and DESRI on our sister site PV Tech.

DESRI piece by Liam Stoker.

8 October 2024
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