Intersect Power to Install Total of 258 Tesla Megapacks in Three Separate Projects

Intersect Power, Houston, closed two separate transactions totalingm $837 million of financing for the construction and operation of three standalone Battery Energy Storage Systems (BESS) in Texas.

All three BESS projects — Lumina I, Lumina II, and Radian — are expected to be operational in 2024. Each project will utilize 86 Megapacks, Tesla’s battery energy storage system, and Lumina II and Radian will be operated by Autobidder, Tesla’s real-time trading platform. According to the press release, the three sites will move from concept to commissioned in under 12 months and each will provide a capacity of 320 MWh of battery storage with a two-hour duration. These batteries provide additional flexibility to Intersect’s Texas operating fleet, offering 1.2 GWp of solar power with 1 GWh of battery storage. The projects qualify for Investment Tax Credits under the Inflation Reduction Act.

“Batteries will be a vital part of the energy transition and are the perfect complement to the billions of dollars of solar generation that we are building in California and Texas,” said Sheldon Kimber, CEO and founder, Intersect Power, in the press release. “These assets should allow us to provide more consistent financial performance from a diversified fleet of renewable generation and storage, benefiting from increasing market volatility and periods of high prices while protecting us from periods of low market prices. This stability will be critical as we expect to triple the size of our portfolio over the next three years.”

Intersect Power is a clean energy company bringing innovative and scalable low-carbon solutions to its customers in global energy markets. We develop, own, and operate some of the world’s largest clean energy resources providing low-carbon electricity, fuels, and related products to customers for U.S. consumption and international export.

Founded in 2016, Intersect Power focuses on clean energy projects.  It has a base portfolio of 2.2 GW of operating solar PV and 2.4 GWh of storage in operation or construction. The company’s business plan includes growth in grid-tied renewables, as well as large-scale clean energy assets, including battery storage, data centers, and green hydrogen.