Intersect Power has secured $837 million through two separate transactions to finance the construction and operation of three standalone Battery Energy Storage Systems (BESS) in Texas. This financing includes portfolio-level construction debt, tax equity, and term debt, provided by leading industry partners.
The three BESS projects – Lumina I, Lumina II, and Radian are scheduled to be operational in 2024. Each project will utilise 86 Tesla Megapacks, with Lumina II and Radian being managed by Autobidder, Tesla’s real-time trading platform. The projects will progress from concept to commissioning in less than 12 months. Each of these will provide 320 MWh of battery storage capacity with a two-hour duration.
Furthermore, these systems will enhance the flexibility of Intersect Power’s existing Texas operations, which include 1.2 GWp of solar power and 1 GWh of battery storage. Morgan Stanley will provide the tax equity, while HPS Investment Partners will handle construction and term debt investments. Deutsche Bank will contribute to the construction debt facility and provide operational letters of credit. These projects are eligible for Investment Tax Credits under the Inflation Reduction Act.
In January 2024, Intersect Power began the commercial operation of its Lumina Solar project, located in Scurry County, TX. The Lumina project generates 828 MWp/640 MWac of reliable solar energy, enough to power more than 243,000 homes for one year. The project created more than 900 jobs at peak construction.
