Intersection Power, LLCa San Francisco, Calif.-based clean energy company raised $750 million in growth equity financing.
The round was led by TPG Rise Climate, the dedicated climate investment 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, a partner at TPG and a senior member of its climate investment team, Steven Mandel, a partner in TPG’s Rise business unit, and Maryanne Hancock, CEO of TPG’s Y Analytics, will represent TPG Rise Climate on the Board of Directors of Intersect Power. directors, along with 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 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 further development of its mid-to-late-stage portfolio totaling 8.5+ GWp and 8+ GWh across the United States.
Led by Sheldon Kimber, CEO, Intersect Power is a clean energy company that delivers innovative and scalable low-carbon solutions to customers in the retail and wholesale power markets. The company develops clean energy resources by 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 core portfolio of 2.2 GWp solar PV and 1.4 GWh co-located storage that will be operational by 2023.