Intersect finances Cali solar/storage
Intersect Power has closed on US$131m in financing to back a solar and storage project in Alameda County, California, that will provide 100MW of solar and 100MW of four-hour duration storage.
The IP Aramis construction financing was led by Deutsche Bank with MUFG and Santander as arrangers. It comprises a US$59m term loan due September 2026, a US$39m term loan due September 2029, a US$25m term loan due September 2026 and US$6m and US$2m standby letters of credit, both due June 2028. The project has a 25-year offtake agreement with CleanPowerSF, a California community choice aggregator.
In recent weeks Intersect also closed on US$1.9bn financing to back two 320MW solar projects and two co-located 640MW, two-hour battery energy storage facilities in Haskell County, Texas. The financing comprised a US$757.5m bridge loan due December 2026, a US$643.1m term loan due December 2029, US$313.8m bridge loan due December 2026 and a US$208.8m standby letter of credit due December 2029. Deutsche Bank was administrative agent with arrangers Santander, MUFG, NordLB, SMBC, CIBC, HSBC, ING, Rabobank, Cobank, Credit Agricole, Federation des Caisses Desjardins du Quebec, Keybank, National Bank of Canada, Natixis, PNC Bank, RBC, Societe Generale, Standard Chartered and Truist. The project has a 15-year virtual power purchase agreement with Google.
