Intersect Power has announced commercial operation of its Lumina Solar project, located in Scurry County, Texas.
The project generates 828 MW, enough to power more than 243,000 homes for one year, says the company. Built with First Solar panels, the project created more than 900 jobs at peak construction.
“Renewable energy is a critical piece of the overall American energy production story and Texas continues to lead the way in development and production,” says Sheldon Kimber, Intersect Power’s CEO. “We are proud to own and operate our now fully operational 2.2 GW solar plus 1.4 GWh 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.
The portfolio term debt was provided by certain funds and accounts managed by HPS Investment Partners and other co-Investors. 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 represented Intersect as lead counsel and Kirkland & Ellis LLP served as Intersect’s special tax counsel; CCA Capital advised Intersect on the tax equity transactions; Greenberg Traurig served as counsel to U.S. Bancorp Impact Finance; and Winston & Strawn served as counsel to the construction lenders.