Lumina I Solar

Overview

Deal Type Debt Capital Markets
Size $302.3 Million
Senior Credit Facilities
Client & Transactional Partners Intersect Power
Our Role Joint Lead Arranger
Administrative Agent

Summary

KeyBanc Capital Markets (KBCM) closed on $302.3 million of Senior Credit Facilities for Intersect Power, LLC (the Company) for the construction of the Lumina I solar energy project, located in Texas – one of four projects with a combined total capacity of approximately 1.5 GWdc PV + 1.0 GWH BESS. The Facilities comprise a $113 million Structured Financing Bridge Loan, a $164 million Tax Equity Bridge Loan, and $26 million in Letters of Credit. KBCM acted as Joint Lead Arranger and Administrative Agent on the transaction.

All four projects – Lumina I, Lumina II, Oberon I and Oberon II – are part of the Company’s base portfolio and are expected to be operational in 2023. The Lumina I and II projects in Texas total approximately 840 MWp, and the Oberon I and II projects in California total approximately 685 MWp + 1,000 MWh BESS.

Intersect Power is a clean energy company bringing innovative and scalable low-carbon solutions to its customers in retail and wholesale energy markets. The Company develops some of the world’s largest clean energy resources providing low-carbon electricity, fuels, and related products to customers across North America. Intersect Power has an 8.5+ GWp and 8+ GWh mid to late-stage pipeline that includes a base portfolio of 2.2 GWp of solar PV and 1.4 GWh of co-located storage that will be in operation by 2023. The Intersect team is also planning nearly 1 GW of green hydrogen production.

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