US renewables developer Intersect Power has secured $127m in equity funding from Climate Adaptive Infrastructure and Trilantic North America.
Intersect Power has also closed on a $482m debt facility with Generate Capital and CarVal Investors.
The Intersect Power team has developed 3.7GW (DC) of solar assets with a portfolio value of more than $8bn.
Intersect Power CEO Sheldon Kimber said: “The investments announced today will give us the ability to more quickly scale our core business of solar and energy storage, while expanding further into emerging classes of clean infrastructure, like green hydrogen.
“Intersect combines a clear understanding of what it takes to put steel in the ground with a focus on what comes next in the deployment of low-carbon technologies.”
Intersect Power has a pipeline of 3.2GW (DC) of late-stage solar and storage projects that will be in operation by 2023 and an emerging pipeline of other clean infrastructure assets.
The company has also developed and sold more than 1.7GW (DC) of contracted solar projects across California and Texas, which are owned and operated by third party investors.
“We are excited to partner with Intersect’s industry-leading team. We admire their proven track record for innovation in the utility-scale renewable energy market,” said Jeff Ross, senior managing director and head of investment team at Generate.
Kimber added: “This exciting opportunity reflects our proven ability to structure deals that take advantage of evolving technologies, financial tools and energy markets.
“We see no limits to how far and fast clean infrastructure can grow, and this funding is further affirmation that we have the capabilities, pipeline, and investors to get there.”