828 MW Solar Energy Project completed in Texas
Intersect Power has announced the commercial operation of its Lumina Solar project, located in Scurry County, TX, on January 3, 2024.
The Lumina project generates 828 MWp/640 MWac of reliable solar energy, enough to power more than 243,000 homes for one year. Built with First Solar panels, the project created more than 900 jobs at peak construction, all of which adhered to a commitment to fair equitable compensation, providing prevailing wages throughout the entire development cycle.
“Renewable energy is a critical piece of the overall American energy production story and Texas continues to lead the way in development and production,” said Sheldon Kimber, Intersect Power’s CEO. “We are proud to own and operate our now fully operational 2.2 gigawatt solar + 1.4 gigawatt hour storage portfolio in Texas and California, which has helped drive significant economic development and job creation while bringing energy security and independence to our country.”
Renewable Energy Credits generated by the Lumina project will be purchased by two Fortune 100 companies. Funding for the project’s construction and operations was secured as part of the broader portfolio financing announced last September, when Intersect Power closed on portfolio level term debt, tax equity, and construction financing commitments from leading financial institutions and investors.
The portfolio term debt was provided by certain funds and accounts managed by HPS Investment Partners, and other Co-Investors. The Tax Equity was provided by U.S. Bancorp Impact Finance and two Fortune 100 companies. Construction debt was provided by Coordinating Lead Arrangers MUFG and Santander Corporate & Investment Banking, along with CoBank, KeyBanc Capital Markets, Bank of America, Helaba, and Nord/LB as Joint Lead Arrangers.
Intersect and its partners were represented by the following counsel and advisors on the deals: Orrick, Herrington & Sutcliffe LLP represented Intersect as lead counsel and Kirkland & Ellis LLP served as Intersect’s special tax counsel; CCA Capital LLC advised Intersect on the tax equity transactions; Greenberg Traurig served as counsel to U.S. Bancorp Impact Finance; and Winston & Strawn LLP served as counsel to the construction lenders.
