- The investment will provide significant capital to scale Intersect Power’s business
- As part of the investment, TPG’s Ed Beckley, Steven Mandel and Maryanne Hancock will join Intersect Power’s board of directors, alongside Bill Green of CAI and Glenn Jacobson of Greenbelt Capital Partners
- Former U.S. Treasury Secretary Hank Paulson serves as TPG Rise Climate’s Executive Chairman
Clean energy company Intersect Power, LLC has secured a $750 million growth equity investment led by TPG Rise Climate. Other investors were, Climate Adaptive Infrastructure and Trilantic Energy Partners North America.
This growth equity investment will provide significant capital to scale Intersect Power’s business including the company’s renewable energy portfolio and new product pipeline in the rapidly expanding clean energy sector. Also, this investment supports Intersect Power’s differentiated focus on shorter tenor offtake contracts combined with large-scale battery storage and new products, like green hydrogen.
“Our partnership with TPG Rise Climate, CAI and Trilantic further fuels our collective pursuit to accelerate the deep decarbonization of our economy, build American energy security, and deploy the billions of dollars of hard assets required to solve the climate crisis,” said Sheldon Kimber, Intersect Power CEO, in a stateent. “The bridge between vision and progress is achieved by the continued buildout of clean energy solutions and our team is energized, now more than ever, to tackle climate change with gigawatts of real assets in the ground.”
As part of the investment, Ed Beckley, a partner at TPG, Steven Mandel, a business unit partner at TPG Rise, and Maryanne Hancock, CEO of TPG’s Y Analytics, will represent TPG Rise Climate on Intersect Power’s board of directors, alongside Bill Green of CAI and Glenn Jacobson of Greenbelt Capital Partners.
BofA Securities served as financial advisor to Intersect Power in relation to the transaction and Orrick, Herrington & Sutcliffe LLP acted as legal counsel. PJT Partners served as financial advisor to TPG in relation to the transaction and Kirkland & Ellis acted as legal counsel.
TPG Rise Climate is the dedicated climate investing strategy of TPG’s global impact investing platform TPG Rise. TPG Rise Climate pursues climate-related investments. Jim Coulter, TPG founding partner and executive chairman, serves as managing partner of TPG Rise Climate. Former U.S. Treasury Secretary Hank Paulson serves as TPG Rise Climate’s executive chairman.
Climate Adaptive Infrastructure, LLC is an infrastructure investment firm specializing in low-carbon real assets in the energy, water and transport sectors.
Trilantic Capital Management L.P. is a growth-focused middle market private equity firm focused on control and significant minority investments in North America. Trilantic North America focuses on investments in the business services and consumer sectors.
Greenbelt Capital Partners is a growth-focused middle-market private equity firm focused on control and significant minority investments ranging from late-stage growth equity to private equity to infrastructure development across the energy sector.