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- Intersect Power Secures $837 Million for Texas Battery Energy Storage Systems
Intersect Power Secures $837 Million for Texas Battery Energy Storage Systems
Slice of Energy Team
July 24, 2024
Key Highlights:
$837 million financing secured for three Battery Energy Storage Systems in Texas.
Projects Lumina I, Lumina II, and Radian to be operational in 2024.
Each system to provide 320 MWh of battery storage with a two-hour duration.
Partnerships with Morgan Stanley, HPS Investment Partners, and Deutsche Bank.
Projects qualify for Investment Tax Credits under the Inflation Reduction Act.
Source (Business Wire)
Notable Quotes:
"Batteries will be a vital part of the energy transition and are the perfect complement to the billions of dollars of solar generation that we are building in California and Texas."
"Morgan Stanley is proud to partner again with Intersect Power, a clean energy company bringing innovative and scalable low-carbon solutions to its customers in global energy markets."
"We are pleased to have another opportunity to partner with Intersect Power as it continues to build on its track record of successful deployment of large-scale clean energy assets supporting the energy transition."
Our Take:
Intersect Power’s recent financing achievement marks a significant milestone in advancing clean energy infrastructure in Texas. With $837 million secured for the construction and operation of three standalone Battery Energy Storage Systems, the company is set to enhance grid reliability and energy security. The inclusion of Tesla's Megapacks and the use of Autobidder for real-time trading highlight the innovative approach Intersect Power is taking towards integrating advanced technology into their projects. The strategic partnerships with financial giants like Morgan Stanley, HPS Investment Partners, and Deutsche Bank not only underscore the robustness of these projects but also signal strong investor confidence in the sustainable energy sector. As Intersect Power continues to scale its operations, these developments will be critical in supporting the broader transition to a low-carbon economy.