Intersect Power, LLC, a clean energy deployment company, announced the closing of two transactions totaling $837 million in financing commitments for the construction of three standalone BESS in Texas.
The transactions cover portfolio-level construction debt, tax equity, and term debt financing with industry-leading partners.
Each BESS, named Lumina I, Lumina II, and Radian, is expected to reach completion in 2024. Each will contain 86 Tesla Megapacks; Lumina II and Radian will be operated by Tesla’s real-time trading platform, Autobidder.
The sites will move from concept to commissioned in under a year and will each provide 320 MWh of battery storage with a two-hour duration. The batteries will complement Intersect’s current Texas fleet, offering 1.2 GWp of solar power with 1 GWh of battery storage.
“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,” said Sheldon Kimber, CEO and Founder, Intersect Power, in a statement. “These assets should allow us to provide more consistent financial performance from a diversified fleet of renewable generation and storage, benefiting from increasing market volatility and periods of high prices while protecting us from periods of low market prices. This stability will be critical as we expect to triple the size of our portfolio over the next three years.”
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