Intersect Power has closed on two separate transactions, totalling $837 million in financing commitments, for the construction and operation of three standalone BESS in Texas.
The transactions cover portfolio-level construction debt, tax equity and term debt financing with the company’s partners.
The Lumina I, Lumina II and Radian BESS are expected to be operational this year, with each project comprising 86 Megapacks, Tesla’s battery energy storage system. Lumina II and Radian will be operated by Autobidder, Tesla’s trading platform.
The company says each site will provide 320 MWh of battery storage with a two-hour duration.
“Batteries will be a vital part of the energy transition and are the perfect complement to the billions of dollars of solar generation that we are building in California and Texas,” says Sheldon Kimber, CEO and founder of Intersect Power.
“These assets should allow us to provide more consistent financial performance from a diversified fleet of renewable generation and storage, benefiting from increasing market volatility and periods of high prices while protecting us from periods of low market prices. This stability will be critical as we expect to triple the size of our portfolio over the next three years.”
Morgan Stanley is providing tax equity, and funds and accounts managed by HPS Investment Partners will be making construction debt and term debt investments. Deutsche Bank is partnering in the construction debt facility and providing the operational letters of credit to the projects.
Orrick, Herrington & Sutcliffe represented Intersect Power as lead counsel on all transactions, with CCA Capital advising the company on the tax equity transactions. Willkie Farr & Gallagher served as counsel to Morgan Stanley Renewables. Skadden, Arps, Slate, Meagher & Flom served as counsel to HPS and Deutsche Bank.
The post Intersect Secures $837M in Financing to Build 1 GWh Texas BESS appeared first on Solar Industry.
Intersect Secures $837M in Financing to Build 1 GWh Texas BESS
My doctor, who knows that I understand physics and renewable energy in particular, asked me today what I thought about wind turbines on boats.
I explained that, since boats need their own ways to generate electricity, what is called “small wind” may make sense. Most ships have diesel-powered generators, and that’s an option for smaller craft as well, and solar is not an attractive option because of the small area.
Doctors generally don’t have time to kill, but he asked me further about small wind, to which I explained:
Because the area of a circle is proportional to the square of the radius, big is better. If you can build a turbine with a radius 100 times larger than a small one, you’re going to generate 10,000 time more power.
Because the power generated by a turbine is proportional to the cube of the wind’s velocity, if you can site a turbine in wind conditions that are 10 times those on your rooftop, with trees and other buildings slowing the wind down, you’re going to generate 1000 times more power.
So, as usual, the answer resides in physics and math. 1000 times 10,000 is 10 million, which is why we see huge turbines on structures that lift huge turbines high above the ground, and it’s why the small wind industry has essentially disappeared.
If you don’t understand elementary school math and high school science, and you have money to burn, the investment offered at left may be right for you.
It’s interesting that there is no Fox News (or equivalent) in Canada.
The Canadians have protections of free speech that are very similar to ours in the States, and, like the U.S., these rights are not absolute. One difference is that Canada prohibits gross misrepresentation, which, in this case means that presenting opinions and calling it “news” is against the law. Lies are fine; calling them “news” is not.
A possible name for a show with the same content might be “Conservative Viewpoints” or “The Way the Right Wing Sees the World.”
Where Canada protects its people from malicious bullshit, in America we say, “Money talks.”
Former Labor Secretary Robert Reich makes an excellent point at left.
The constant onslaught of distractions coming out of Trump’s mouth is calculated make us give up striving for truth, honesty, and environmental responsibility.
We mustn’t quit.
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