Intersect Power LLC began operations of its Athos III solar + storage project located in Riverside County, California, on Dec. 22, 2022. The project (also known as Blythe Mesa Solar II) generates 224 MWac/310 MW of solar energy and features 448 MWh of co-located storage.
The Athos III project was built by union labor, with U.S.-made solar panels, batteries and steel piles, meaning it is expected to meet the domestic content and prevailing wage requirements in the Inflation Reduction Act (IRA).
“Today marks a major milestone for the Intersect Power team and our impact as a clean energy developer, owner and operator,” said CEO Sheldon Kimber. “Athos III demonstrates that Intersect continues to pioneer procurement standards for our industry that live up to the vision of the IRA. This project is much more than a significant new source of clean energy for California’s energy system. It’s also a case study in how the clean energy industry can maximize our impact by prioritizing domestic supply chains and union labor to ensure the benefits of the clean energy transition are felt by all Americans.”
The project is part of the company’s near-term portfolio totaling 2.2 GW of solar PV and 1.4 GWh of co-located storage. The remainder of the portfolio will be operational in 2023. Construction of the Athos III solar project created 500 peak union jobs.
Funding for the project’s construction and operations was secured as part of the broader portfolio financing announced last November, when Intersect Power closed on portfolio level term debt, tax equity and construction financing commitments from leading financial institutions and investors. The portfolio term debt was provided by HPS Investment Partners. The tax equity was provided by Morgan Stanley Renewables Inc. Construction debt was provided by Coordinating Lead Arrangers MUFG and Santander Corporate & Investment Banking, along with Cobank, KeyBanc Capital Markets, Helaba and Nord LB as Joint Lead Arrangers.
Intersect Power is a clean energy company bringing innovative and scalable low-carbon solutions to its customers in retail and wholesale energy markets. The company develops some of the world’s largest clean energy resources providing low-carbon electricity, fuels, and related products to customers across North America. Intersect Power has a base portfolio of 2.2 GW of solar PV and 1.4 GWh of co-located storage that is under construction or in operation. The company’s business plan includes growth in grid-tied renewables, as well as large-scale clean energy assets including green hydrogen.
Tags: Intersect Power, solar+storage, utility-scale
