On January 3, Intersect Power LLC put its 828 MW /640 MW Lumina solar project in Scurry County, Texas, into commercial operation.
The project, utilizing First Solar panels, generated over 900 employment opportunities during its peak construction phase. These jobs were created with a strong emphasis on fair and equitable compensation, ensuring that prevailing wages were provided throughout the entire development process.
Sheldon Kimber, the CEO of Intersect Power, expressed the importance of renewable energy in the broader context of American energy production. He highlighted Texas as a leading state in the development and production of renewable energy. Kimber proudly stated that Intersect Power owns and operates a fully functional solar and storage portfolio, totaling 2.2 GW of solar capacity and 1.4 GWh of storage, in Texas and California. This portfolio has played a significant role in fostering economic development, creating job opportunities, and enhancing energy security and independence for the nation.
The Lumina project’s Renewable Energy Credits (RECs) will be acquired by two Fortune 100 companies. The funding for the project’s construction and operations was successfully obtained through a comprehensive portfolio financing initiative announced in September. Intersect Power, the project developer, secured term debt, tax equity, and construction financing commitments from prominent financial institutions and investors as part of this financing arrangement.
The portfolio term debt for the project was extended by specific funds and accounts managed by HPS Investment Partners, along with other co-investors. U.S. Bancorp Impact Finance and two Fortune 100 companies provided the tax equity for the project. The construction debt was arranged by MUFG and Santander Corporate & Investment Banking as coordinating lead arrangers, with additional support from CoBank, KeyBanc Capital Markets, Bank of America, Helaba, and Nord/LB as joint lead arrangers.
Intersect Power and its partners were guided by the following legal counsel and advisors throughout the deals: Orrick, Herrington & Sutcliffe LLP acted as the lead counsel for Intersect, while Kirkland & Ellis LLP provided specialized tax counsel. CCA Capital LLC provided advisory services to Intersect for the tax equity transactions. Greenberg Traurig served as legal counsel for U.S. Bancorp Impact Finance, and Winston & Strawn LLP provided legal counsel for the construction lenders.
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