Intersect Power’s Lumina Solar Project, Generating 828 MWp, Achieves Commercial Operation in Texas

In a significant development, Intersect Power, LLC, proudly announced the commencement of commercial operations at its Lumina Solar project in Scurry County, TX, on January 3, 2024. Boasting an impressive generation capacity of 828 MWp/640 MWac, the Lumina project stands as a reliable source of solar energy, sufficient to power over 243,000 homes for an entire year. The project, constructed with cutting-edge First Solar panels, not only demonstrates technological advancement but also contributed to the creation of more than 900 jobs during peak construction.

Sheldon Kimber, the CEO of Intersect Power, emphasized the pivotal role of renewable energy in the American energy production landscape, with Texas leading the way in development and production. Kimber expressed pride in Intersect Power’s ownership and operation of a fully operational 2.2 gigawatt solar + 1.4 gigawatt hour storage portfolio in Texas and California. He underscored the portfolio’s impact on economic development, job creation, and the enhancement of energy security and independence for the nation.

Renewable Energy Credits generated by the Lumina project have found eager buyers in two Fortune 100 companies, reinforcing the project’s commercial success. The funding for the project’s construction and ongoing operations was secured through a comprehensive portfolio financing initiative announced in September. This initiative saw Intersect Power securing portfolio-level term debt, tax equity, and construction financing commitments from leading financial institutions and investors.

HPS Investment Partners, along with other Co-Investors, played a crucial role in providing portfolio term debt, while U.S. Bancorp Impact Finance and two Fortune 100 companies contributed Tax Equity. The construction debt was facilitated by Coordinating Lead Arrangers MUFG and Santander Corporate & Investment Banking, in collaboration with Joint Lead Arrangers CoBank, KeyBanc Capital Markets, Bank of America, Helaba, and Nord/LB.

Legal and advisory support for Intersect and its partners was expertly provided by Orrick, Herrington & Sutcliffe LLP as lead counsel, with Kirkland & Ellis LLP serving as special tax counsel. CCA Capital LLC advised on tax equity transactions, Greenberg Traurig represented U.S. Bancorp Impact Finance, and Winston & Strawn LLP acted as counsel to the construction lenders. This collaborative effort underscores the comprehensive and strategic approach taken by Intersect Power and its partners in the successful realization of the Lumina Solar project.