Intersect Power Brings 415 MWp Radian Solar Online

US-based clean energy firm Intersect Power has announced the commercial operation of its Radian solar project in Texas that is expected to supply green energy to more than 114,000 homes.

As per the official statement by Intersect Power, the Radian solar project has used First Solar panels and created more than half a thousand jobs over the three-year construction cycle.

Sheldon Kimber, CEO, Intersect Power, said, “Renewable energy is a critical piece of the overall American energy production story. Investing in clean energy is a smart business decision and Texas continues to lead the way in strong investments, development and production. Texas clean energy production has spurred significant economic development and job creation in the state while bringing energy security and independence to the US.”

The Radian solar project is part of near-term portfolio of Intersect Power totaling 2.2 GW of solar PV and 1.4 GWh of co-located storage. The entire portfolio will be operational by the end of 2023.

Intersect Power secured funding for the solar power project’s construction and operations as part of the broader portfolio financing announced in November 2021, when Intersect Power closed on portfolio level term debt, tax equity and construction financing commitments from leading financial institutions and investors.

Intersect Power said that investors included Bank of America and Apple, supported by an innovative offtake structure with Merrill Lynch Commodities. Construction debt was provided by MUFG and Santander Corporate & Investment Banking among others.

Texas is one of the best performing states in the USA in terms of renewable energy development. In 2023 itself, Texas will be adding over 7.7 GW of solar power according to US Energy Information Administration predictions. Over 36 GW of solar energy will come up in next five years.

Recently, Duke Energy Sustainable Solutions (DESS) operationalised its largest solar power plant ever – the 250 MW Pisgah Ridge Solar project in Navarro County.