In a landmark move that demonstrates the increasing financial clout of clean energy, cutting force has secured up to $800 million in corporate revolving credit facility. This significant financial backing from a consortium of Coordinating Lead Arrangers and Joint Bookrunners, Deutsche Bank AG, Nomura Securities International and Santander Corporate & Investment Banking (CIB) will bolster Intersect’s growth trajectory and underpin its ambitious clean energy agenda.
Intersect Power CEO Sheldon Kimber noted that the deal was “one of the largest of its kind ever struck in the clean energy space.” It not only signals the financial feasibility of clean energy projects, but also their increasingly important role in a world grappling with the urgent need for decarbonization.
Funds from this mammoth facility The money will go towards developing, building and operating a range of renewable projects ranging from solar and energy storage to green hydrogen. The loan includes a Green Financing Framework that is Loan Syndications and Trading Association (LSTA) 2023 compliant. Green Lending Principles and International Capital Market Association (ICMA) Green Bond Principles. Intersect’s Green Financing Framework was reviewed by Morningstar Sustainalytics, which issued a second opinion report on Intersect’s compliance with the Green Loan Principles.
The financial institutions involved have expressed strong support for Intersect’s efforts. Deutsche Bank hailed the funding as an important step towards decarbonizing the US electricity grid, while Nomura hailed Intersect for being at the forefront of the energy transition. Santander also acknowledged the role of finance in supporting high quality renewable energy projects and the “deep decarbonization of our economy”.
As part of a larger trend, this new credit facility follows a $1 billion growth equity investment from TPG Rise Climate, CAI Investments and Trilantic Energy Partners North America. It represents a strong endorsement of Intersect Power’s vision and a recognition of the growing momentum behind clean energy investments.