Intersect Power, a utility-scale renewable energy developer, announced that it has entered late-stage development on a large portfolio of solar power plants with a combined capacity of more than 1.7 GWdc. The five shovel-ready projects, located in California and Texas, will begin construction in 2020.
Intersect Power has contracted with local utilities and other wholesale energy buyers on a series of PPAs as well as other energy or renewable energy credit hedges. The company has negotiated a combination of purchase and lease agreements and finalized all material permits for the various sites, which are primarily located on disturbed former agricultural and grazing lands.
“Over the past two years our team of roughly 20 people, with relatively little risk capital, has gone from a flat start to over 1.7 GW of fully developed, contracted, shovel-ready projects. That type of value creation from such a small team is almost unprecedented in the marketplace,” said Sheldon Kimber, CEO and co-founder of Intersect Power. “The fact that this is the second round of such success for this team, having achieved similar results in prior companies, makes it clear that deep expertise and experience are the keys to consistent success in renewable development.”
First Solar will supply more than 3.7 million high-performance Series 6 thin-film PV modules as part of a multiyear deal, while NEXTracker will provide its NX Horizon solar trackers equipped with TrueCapture intelligent control software. Signal Energy will be in charge of engineering, procurement and construction (EPC) activities.
“Signal Energy’s preconstruction team collaborated closely with Intersect Power very early in the process to find the lowest cost of energy solutions to complete the development of these exciting solar projects,” said Greg Pawson, president of Signal Energy. “We have extensive experience constructing renewables projects in Texas and California, and look forward to working with Intersect to build these power plants and to continue to drive the solar market through creativity and performance while prospering our long-term relationships with all stakeholders in the value chain.”
The planned solar projects’ size, location and start date are as follows:
- Juno, Borden County, TX: 425 MW; scheduled to begin construction February 2020.
- Titan, Culberson County, TX: 375 MW; scheduled to begin construction March 2020.
- Aragorn, Culberson Country, TX: 250 MW; scheduled to begin construction June 2020.
- Athos I, Riverside County, CA: 350 MW; scheduled to begin construction June 2020.
- Athos II, Riverside County, CA: 300 MW; scheduled to begin construction October 2020.
Building on a shared decade of utility-scale solar, the Intersect Power team leverages creativity along with financial and energy market sophistication into innovative solutions that address rapidly evolving needs of off-takers and long-term asset owners alike. The team continues to develop partnerships across the full supply chain, expand its greenfield pipeline, and aggressively pursue innovative technologies, structures and business models to answer the question of what comes next in renewable infrastructure development and finance.
News item from Intersect Power