Intersect Power, LLC, a San Francisco, CA-based clean energy company, raised $750m in a growth equity funding.
The round was led by TPG Rise Climate, the dedicated climate investing strategy of TPG’s global impact investing platform TPG Rise, with participation from existing investors Climate Adaptive Infrastructure, and Trilantic Energy Partners North America. As part of the investment, Ed Beckley, Partner at TPG and senior member of its climate investing team, Steven Mandel, Business Unit Partner in TPG Rise, and Maryanne Hancock, CEO of TPG’s Y Analytics, will represent TPG Rise Climate on Intersect Power’s board of directors, alongside Bill Green of CAI and Glenn Jacobson of Greenbelt Capital Partners.
The company intends to use the funds to scale the business including its renewable energy portfolio and its new product pipeline in the clean energy sector. This investment will support Intersect Power’s accelerated entry into new markets and technologies, including nearly 1 GW of green hydrogen production, and the continued development of its mid to late stage portfolio totaling 8.5+ GWp and 8+ GWh throughout the United States.
Led by Sheldon Kimber, CEO, 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 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.
FinSMEs
29/06/2022