As gas prices rise and the climate crisis grows in severity, the demand for clean energy solutions has never been higher. One company developing low-carbon solutions for the retail and wholesale energy markets is Intersect Power. The company — which on Tuesday announced $750 million in new capital — develops clean energy resources that provide low-carbon electricity, fuels and other products across North America.
The growth equity round led by TPG Rise Climate will allow Intersect Power to scale the company’s renewable energy portfolio and new product pipeline. Climate Adaptive Infrastructure (CAI) and Trilantic Energy Partners North America also participated in the round.
“Our partnership with TPG Rise Climate, CAI and Trilantic further fuels our collective pursuit to accelerate the deep decarbonization of our economy, build American energy security and deploy the billions of dollars of hard assets required to solve the climate crisis,” Intersect Power CEO Sheldon Kimber said in a statement. “The bridge between vision and progress is achieved by the continued buildout of clean energy solutions and our team is energized, now more than ever, to tackle climate change with gigawatts of real assets in the ground.”
The new funding will also allow Intersect Power to enter into new markets and technologies, including almost one gigawatt (GW) of green hydrogen production. It will also help expand the company’s continued development of its mid to late-stage portfolio totaling 8.5+ GWp and 8+ GWh across the U.S.
Currently, the company is working on 2.2 GWp of solar PV and 1.4 GWh of co-located storage which will be operational by next year.
“Energy demand will continue to increase as we accelerate the electrification of our economy. We are thrilled to support [Intersect Power’s] work in delivering innovative clean energy solutions to the grid and the industrial corners of our economy,” Steven Mandel, a partner at TPG Rise Climate, said in a statement.
