SAN FRANCISCO, Sept. 24, 2019 /PRNewswire/ -- Intersect Power, a utility-scale renewable energy developer, announced today that it has entered late-stage development on a large portfolio of solar power plants with a combined capacity of more than 1.7 gigawatts (GW)DC. 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 power purchase agreements as well as more sophisticated energy or renewable energy credit hedges, securing revenue profiles that offer superior risk-adjusted returns. The well-capitalized 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 cofounder 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."
"Deep partnerships with the most innovative, reliable and collaborative suppliers gives us confidence that these power plants will reliably perform at the top end of expectations and maximize the financial returns to long-term equity investors and asset owners," he added.
The project team includes some of the leading companies in utility-scale solar. First Solar will supply more than 3.7 million high-performance Series 6 thin-film photovoltaic modules as part of a multiyear deal, while NEXTracker will provide its NX HorizonTM solar trackers equipped with TrueCaptureTM intelligent control software. Signal Energy will be in charge of engineering, procurement and construction (EPC) activities.
"Intersect Power's gigawatt-scale project portfolio represents an ambitious undertaking by one of the more innovative solar developers in the U.S., and we are honored to be a part of it," said Georges Antoun, chief commercial officer of First Solar. "Given that this order is the largest one to date for our Series 6 modules, it offers strong validation of the technology's performance and bankability advantages and speaks to the confidence that Intersect has in our ability to deliver on our commitments."
"We've known Sheldon and the Intersect Power team for years, and are big fans of their sophisticated, next-generation approach to utility-scale solar development," said Dan Shugar, CEO of NEXTracker. "Playing a major role in these projects represents a big win for NEXTracker, and offers an opportunity to further demonstrate the benefits of our TrueCapture energy yield-boosting, smart tracker control system at scale."
"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 cumulative output of the five solar plants will power the equivalent of nearly 357,000 homes and result in some 2.75 million tons of avoided CO2 emissions per year. Details of the projects are as follows (MWDC):
- 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 offtakers 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.
About Intersect Power
Founded in 2016, Intersect Power is a renewable energy development company bringing utility-scale power to wholesale customers and markets, delivering value and viability to both energy buyers and asset owners. The company develops renewable energy assets from initial idea to construction, including all aspects of siting, permitting, interconnection, power marketing, procurement and finance. Intersect Power has more than 1.7 GWDC of contracted, late-stage solar projects and another 3 GWDC of early- to mid-stage pipeline across California and Texas. For more information, visit www.intersectpower.com.
About First Solar
First Solar is a leading global provider of comprehensive photovoltaic (PV) solar systems which use its advanced module and system technology. The company's integrated power plant solutions deliver an economically attractive alternative to fossil-fuel electricity generation today. From raw material sourcing through end-of-life module recycling, First Solar's renewable energy systems protect and enhance the environment. For more information about First Solar, please visit www.firstsolar.com.
NEXTracker, a Flex company, advances the power plant of the future with smart solar trackers, energy storage systems and TrueCapture™ advanced control software that yields additional energy, optimizes performance and reduces costs for project and plant owners. As the number-one tracker supplier worldwide with over 22 GW delivered or under fulfillment, NEXTracker is globally recognized for delivering smart and connected energy systems for hundreds of projects across five continents. Headquartered in the San Francisco Bay Area, the company has offices in Europe, Australia, India, and Latin America. For more information, visit NEXTracker.com and follow the company on Twitter and LinkedIn.
About Signal Energy
Signal Energy, headquartered in Chattanooga, TN, is a leading full-service design/build contractor providing engineering, procurement and construction (EPC) services for utility-scale renewable energy projects. Signal Energy is the renewable energy subsidiary of EMJ Corp. For more information, visit www.signalenergy.com.
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SOURCE Intersect Power