Energy Company Raises $837M for Texas Battery Storage Facilities

Intersect Power closed two separate transactions representing an aggregate of $837 million of financing commitments for the construction and operation of three standalone Battery Energy Storage Systems (BESS) in Texas. The transactions cover portfolio-level construction debt, tax equity, and term debt financing with industry-leading partners.

All three BESS—Lumina I, Lumina II, and Radian—are expected to be operational in 2024. Each project comprises 86 Megapacks, Tesla’s battery energy storage system, and Lumina II (Scurry County) and Radian will be operated by Autobidder, Tesla’s real-time trading platform. The three sites will move from concept to commission in under 12 months, and each will provide 320 MWh of battery storage with a two-hour duration.

Morgan Stanley was selected to provide tax equity, and funds and accounts managed by HPS Investment Partners will be making construction debt and term debt investments. Deutsche Bank is partnering with the construction debt facility and providing operational letters of credit to the projects. The projects qualify for Investment Tax Credits under the Inflation Reduction Act.