Intersect Power Raises $750 Million Growth Equity Investment from TPG Rise & Others

US-based clean energy company, Intersect Power announced a $750 million growth equity investment for its renewable energy portfolio yesterday (28th June 2022). TPG Rise Climate is the dedicated investor while Climate Adaptive Infrastructure and Trilantic Energy are the additional participants in this investment. 

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With the help of this growth equity investment from TPG Rise & Others, Intersect Power will be able to scale its renewable energy sources and its pipeline of innovative product operations in the clean energy market. Currently  the firm has an 8.5+ GWp and 8+ GWh mid to late-stage pipeline that includes a base portfolio of 2.2 GWp of solar PV and 1.4 GWh of co-located storage that will be in operation by 2023. The Intersect team is also planning nearly 1 GW of green hydrogen production.

This investment will support the Company’s short tenor contracts including large-scale battery storage and new products, like green hydrogen. This will also allow them to benefit from the high risk and return profile that is happening due to the rising prices for global energy and clean commodities.

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With this funding, Intersect Power will be able to expand quickly into new markets and technologies. Along with it, the organization will be able to produce approximately 1 GW of green hydrogen, as well as continue to grow its mid-to-late-stage portfolio across the US. Presently, this project stands at 8.5+ GWp and 8+ GWh. By 2023, the Company will have installed 1.4 GWh of co-located storage and 2.2 GWp of solar PV, both of which will be operational.

Earlier, Interact Power had raised $2.6 billion for its 1.4 GWh of storage with 2.2 GWDC of a late-stage solar project in Nov 2021 & company claims that projects, which includes the following projects: Athos III (CA), Radian (TX), Oberon I (CA), Oberon II (CA), Lumina I (TX) and Lumina II (TX), will be operational by year 2023.