United States-based large-scale renewable energy project developer Intersect Power secured a $750 million growth equity investment led by TPG Rise Climate, with additional participation from existing investors, Climate Adaptive Infrastructure (CAI), and Trilantic Energy Partners North America.

This investment aims to provide capital to scale the company’s business and support the entry into new markets and technologies, including nearly 1 GW of green hydrogen production and the development of its mid to late-stage portfolio totaling 8.5+ GW and 8+ GWh throughout the U.S.

The company currently owns 2.2 GW of solar PV and 1.4 GWh of co-located energy storage currently under construction that will be in operation by 2023.

“Our partnership with TPG Rise Climate, CAI, and Trilantic further fuels our collective pursuit to accelerate the deep decarbonization of our economy, build American energy security, and deploy the billions of dollars of hard assets required to solve the climate crisis,” said Sheldon Kimber, Intersect Power CEO.

“From shorter tenor contracts to unbundling RECs to American module procurement, the team has consistently been ahead of the market in accelerating the adoption and impact of clean energy products that are the solution to the climate crisis,” said Bill Green, Founder and Managing Partner at Climate Adaptive Infrastructure.

BofA Securities served as financial advisor to Intersect Power on the transaction, and Orrick, Herrington & Sutcliffe acted as legal counsel. PJT Partners served as financial advisor to TPG for the transaction, and Kirkland & Ellis acted as legal counsel.

In 2021, Intersect Power obtained $2.6 billion in financing commitments to support the construction and operation of six projects with 2.2 GW of solar and 1.4 GWh of storage capacity.

Earlier this year, Silicon Ranch Corporation, the U.S. solar platform for Shell and an independent solar power producer, raised $775 million in a new equity funding round. On behalf of Manulife Infrastructure Fund II and John Hancock – Manulife Investment Management led the round with an approximately $400 million commitment.