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.

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.