Intersect Power closed an up to $800 million revolving corporate credit facility to support its continued organizational growth and expansion of its clean energy platform. Partnering with coordinating lead arrangers and joint bookrunners, Deutsche Bank, Nomura Securities and Santander Corporate & Investment Banking (CIB), Intersect closed on this revolving loan and letter of credit facility that will be used to further support Intersect’s development pipeline and growing operational fleet.
The proceeds of the loan will support the development, construction and operation of Intersect’s next wave of renewables, energy storage and green hydrogen projects.
Santander CIB acted as green structuring agent and administrative agent. Additional banks participating in the facility include joint lead arrangers, First Citizens Bank and HSBC, as well as participating lender Celtic Bank.
“This deal is one of the largest of its kind ever done in the clean energy sector,” Sheldon Kimber, CEO of Intersect Power, said. “It allows Intersect to bring gigawatts of clean energy online across solar, wind, and green hydrogen technologies and further demonstrates that growth is not only possible in infrastructure, but inevitable as the climate crisis requires a complete rebuild of our entire energy and industrial infrastructure.”
The proceeds of the loan will support the development, construction, and operation of Intersect’s next wave of renewables, energy storage and green hydrogen projects.
“Santander is proud to extend our ongoing support for Intersect with this strategic and innovative financing that will allow the company to continue delivering high-quality large-scale renewable energy projects, while complementing such projects with green molecule investments that should enable the deep decarbonization of our economy,” Nuno Andrade, head of global debt financing U.S. at Santander, said. “We congratulate all the parties involved, especially the entire Intersect team for this outstanding achievement.”
“Deutsche Bank is very proud to have partnered with Intersect Power in this landmark financing. This financing will help facilitate Intersect’s important contribution to the decarbonization of the U.S. power grid and evidences Deutsche Bank’s continued commitment to support the premier developers in the sector,” Jeremy Eisman, head of infrastructure and energy financing at Deutsche Bank, said.
“Nomura’s Infrastructure & Power Business (IPB) is excited to deliver a unique financing solution package to innovative renewable energy developers such as Intersect which are at the forefront of the energy transition,” Vinod Mukani, global head of IPB at Nomura, said.
“We are delighted to have supported Intersect on this milestone transaction and look forward to partnering further with Intersect as they expand their portfolios” Alain Halimi, managing director, IPB at Nomura, said.
Kirkland & Ellis acted as legal counsel to Intersect while Norton Rose Fulbright acted as legal counsel to the coordinating lead arrangers. Riverside Risk Advisors supported Intersect as interest rate hedge advisor.
