Intersect Power Secures Up to USD 800 Mn Revolving Credit Facility to Support Expansion of its Clean Energy Platform
Intersect Power, LLC announced the closing of an up to USD 800 million new revolving corporate credit facility to support its continued organizational growth and expansion of its clean energy platform.
June 30, 2023. By News Bureau
Partnering with Coordinating Lead Arrangers and Joint Bookrunners, Deutsche Bank AG, Nomura Securities International, and Santander Corporate & Investment Banking (CIB), Intersect closed on this revolving loan and letter of credit facility that will be used to further support Intersect's development pipeline and growing operational fleet.
Santander CIB acted as Green Structuring Agent and Administrative Agent. Additional banks participating in the facility include Joint Lead Arrangers, First Citizens Bank, and HSBC, as well as participating lender Celtic Bank Corporation.
"This deal is one of the largest of its kind ever done in the clean energy sector," said Intersect Power CEO Sheldon Kimber. "It allows Intersect to bring gigawatts of clean energy online across solar, wind, and green hydrogen technologies and further demonstrates that growth is not only possible in infrastructure, but inevitable as the climate crisis requires a complete rebuild of our entire energy and industrial infrastructure."
The proceeds of the loan will support the development, construction, and operation of Intersect's next wave of renewables, energy storage, and green hydrogen projects. The loan includes a Green Financing Framework that adheres to the 2023 LSTA Green Loan Principles and ICMA Green Bond Principles. Intersect's Green Financing Framework was reviewed by Morningstar Sustainalytics, who published a Second-Party Opinion Report on Intersect's adherence to the Green Loan Principles.
"Deutsche Bank is very proud to have partnered with Intersect Power in this landmark financing. This financing will help facilitate Intersect's important contribution to the decarbonization of the U.S. power grid and evidences Deutsche Bank's continued commitment to support the premier developers in the sector," said Jeremy Eisman, Head of Infrastructure & Energy financing, Deutsche Bank.
"Nomura's Infrastructure & Power Business ("IPB") is excited to deliver a unique financing solution package to innovative renewable energy developers such as Intersect which are at the forefront of the energy transition," said Vinod Mukani, Global Head of IPB. "We are delighted to have supported Intersect on this milestone transaction and look forward to partnering further with Intersect as they expand their portfolios" said Alain Halimi, Managing Director, IPB at Nomura.
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