ImpactAlpha, July 5 – San Francisco-based Intersect Power has raised $750 million in equity from TPG Rise Climate, TPG’s $7.3 billion climate impact fund led by Jim Coulter and former U.S. Treasury Secretary Hank Paulson.
Intersect is a utility-scale solar developer-owner with about 2.2 gigawatts of projects in its portfolio. Its model is based around higher-return, short-term contracts and domestic solar supplies.
The company will use the equity capital to grow it portfolio of clean energy developments to eight gigawatts and expand into green hydrogen and wind energy.
The deal is among TPG Rise Climate’s biggest to date. Last year, the fund cut a 10-figure check to India’s Tata Motors to accelerate the company’s electric vehicle production.
The fund has made nine investments, according to Pitchbook.