Intersect Power has reached the commercial operation of the Athos III solar project in Riverside County, California, as announced on December 22, 2022. The project was built by union labor and is expected to meet the Inflation Reduction Act’s (IRA’s) domestic content and prevailing wage requirements. Moreover, American-made solar panels, batteries, and steel pipes were used.
Intersect power is a renowned clean-energy company that offers its customers in retail and wholesale energy markets scalable and innovative low-carbon solutions. The company generates and transmits some of the world’s most significant clean energy resources across North America. Since its founding in 2016, the company has been laser-focused on transformative and scalable clean energy projects that accelerate deep de-carbonization, which is only possible when renewable energy becomes more affordable and available.
Intersect’s projects have also redefined the scope of clean energy by allowing new pathways between the broader economy and clean electricity.
Intersect Power’s business plan includes the development of grid-tied renewables and large-scale clean energy assets like green hydrogen. The company named Signal Energy as the Engineering, Procurement, and Construction (EPC) of the Athos III Solar and Storage Project in California.
The Athos III solar project, a.k.a Blythe Mesa Solar II, has created up to 500 peak construction jobs since it reached commercial operation. It totals 224 Mwac/ 310 MWp of solar energy, which is enough to power up to 94,000 homes and 448 MWh of co-located storage.
According to Intersect Power’s CEO, Sheldon Kimber, the project offers more than just clean energy for California. It is also a case study of how the clean energy industry can optimize its impact by giving union labor and domestic supply chains top priority. This ensures that all Americans experience the effects of clean energy. The CEO said that the project demonstrates how Intersect Power continues to pioneer excellent procurement standards for the industry that live up to IRA’s vision.
The Athos III solar project is a good part of Intersect Power’s base portfolio that, totals 2.2 GW of Solar PV and 1.4Wh of co-located storage. It is utilizing the first solar thin-film modules, control software, and Nextracker’s Truecapture tracker optimization to capture all the energy gain during diffuse light conditions.
The project’s construction and operations funding was secured in November 2022 as part of the broader portfolio financing announced then. Intersect Power had just closed portfolio-level term tax equity, debt, and construction financing commitments from investors and top financial institutions. HPS investment partners provided the portfolio term debt, and Morgan Stanley Renewable Inc. provided the tax equity. Construction debt was provided by a couple of corporations, including; Keybanc Capital Markets (KBCM), Helaba, Coordinating lead arranged MUFG, and Cobank. Santander Corporate and Investment Banking and Nord LB as joint Lead Arrangers.
Keybanc Capital Markets also acted as a joint lead arranger on the transaction that involved closing on $494 million,of Senior Secured Credit Facilities in support of the Athos III Solar Project.