US-based renewable energy project developer Intersect Power has secured a $2.6bn financing commitment for a solar and energy storage portfolio.

The funding was secured by the company in eight separate transactions and will cover construction financing, tax equity, land financing and portfolio-level term debt with ‘industry-leading’ partners.

Intersect Power founder and CEO Sheldon Kimber said: “These closings demonstrate what Intersect has been saying for some time now – that today’s long-term offtake contracts actually destroy value, and that there are innovative ways to finance clean energy assets which enable more valuable offtake structures.

“This financing will allow Intersect to deliver a core set of projects in the next two years that will serve as the platform for future growth into green hydrogen and beyond.

“This is the base from which our company will build the most scalable, transformative clean energy projects that minimise cost and risk for each MW deployed and move the needle on the deep decarbonisation of our economy.”

Intersect Power will use the financing to implement 2.2GWDC worth of late-stage solar projects with 1.4GWh of total storage, scheduled to come online by 2023.

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By GlobalData

The project portfolio includes the Athos III, Oberon I and Oberon II projects in California, as well as the Lumina I, Lumina II and Radian assets located in Texas.

Intersect Power said that almost $800m of the financing will be used to build the 310MWdc / 453MWh BESS Athos III project in Riverside County, California, and the 415MWdc Radian project in Brown County, Texas.

Earlier this year, the company selected Signal Energy and Nextracker as partners for the Radian and Athos II projects.

Signal Energy will provide engineering, procurement and construction services for the two projects, while Nextracker will supply its NX Horizon smart solar trackers and TrueCapture yield optimisation software.