US-based renewable energy firm Intersect Power has secured $2.4bn in financing commitments for four solar photovoltaic (PV) energy projects and a battery energy storage system (BESS) portfolio.

The four solar PV projects will have 1.5GWdc of capacity, while the BESS projects’ total capacity will amount to 1GWh.

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Intersect Power has also announced the allocation of $675m of previously announced commitments for developing and operating these projects.

The company said that the four projects – Lumina I, Lumina II, Oberon I and Oberon II – are scheduled to come online next year.

The Lumina I and II projects are being developed in Texas and will have around 840MWp of capacity, while Oberon I and II are developed in California with around 685MWp of capacity.

Oberon I and II will also include 1,000MWh of BESS capacity.

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The projects are part of Intersect Power’s late-stage portfolio, which amounts to 2.2GW of capacity with 1.4GWh of storage.

Intersect Power CEO Sheldon Kimber said: “These closings culminate a multi-year process raising more than $6bn to build out one of the largest solar and storage portfolios our country has seen to date, which serves as a platform for future growth into green hydrogen and other decarbonisation technologies.

“The strength of our partnerships and collective teams’ determination further validates our path to decarbonise the hard-to-reach corners of the economy.”

The company said that the transactions represent construction financing, tax equity and operational letters of credit (LoCs), as well as a portion of previously announced portfolio level term debt with partners.

For nearly $1.6bn in construction financing, MUFG and Santander served as co-lead arrangers while NORD/LB, KeyBanc Capital Markets, Helaba, CoBank, Bank of America and Zions Bancorporation served as joint lead arrangers.

The operational LoCs for the Oberon I and II and Lumina II projects were provided by CoBank ACB.

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