June.29.2022
Orrick advised Intersect Power, a clean energy company, on a US$750 million growth equity investment from TPG Rise Climate, Climate Adaptive Infrastructure, LLC. and Trilantic Energy Partners North America.
The growth equity investment supports Intersect’s commitment to scalability and new products like green hydrogen and the Company’s vision to enable pathways between clean electricity and the broader economy. The investment will also deliver significant capital to fund Intersect’s accelerated entry into new markets and technologies and build out its renewable energy portfolio from 2.4 GW to 8 GW+ of clean energy resources. Intersect’s differentiated business model, focused on shorter tenor offtake contracts and innovative financing structures, enables it to reliably deliver superior risk-adjusted returns for investors and the most scalable and pioneering low-carbon solutions to the grid in the retail, industrial and wholesale energy markets.
TPG Rise Climate, CAI, and Trilantic are strongly aligned with Intersect’s objective to move the needle on deep decarbonization by accelerating the electrification of the U.S. economy. As part of the investment, executives of TPG's Y Analytics, CAI and Greenbelt Capital Partners will represent TPG, CAI and Trilantic on Intersect Power's board of directors.
Orrick previously advised Intersect Power on eight transactions representing an aggregate of US$2.6 billion of financing commitments for the construction and operation of a six-project portfolio consisting of 2.3 GWdc of late-stage solar projects with 1.8 GWh of storage. The team was led by Kristin Seeger and included Leah Recht, Brandon Sanders and Scott Cockerham.