TPG Rise Climate has led a $750 million investment round in Intersect Power, a company that develops wind and solar farms and battery storage. Other participating investors include Trilantic Energy Partners North America and Climate Adaptive Infrastructure, both previous investors in the company.
Intersect will use the capital to scale its renewable energy generation and battery storage assets – including growing its output from 2.4GW to 8GW – and trial new products such as green hydrogen, according to a statement from TPG.
TPG Rise Climate closed on $7.2 billion earlier this year. The fund invests in clean energy production, low-carbon transport, low-carbon industrials and carbon offset infrastructure. Previous investments include 75 billion rupees ($950 million; €912 million) – including co-investments – in an electric vehicle subsidiary of Tata Motors and $300 million in carbon credit generation company Summit Carbon Solutions.
Trilantic’s latest fund, Energy Partners II, closed on $437 million in 2018 against a target of $500 million. Vancouver-headquartered CAI closed Fund VI on C$125 million ($97 million; €93 million) in 2020 against a C$100 million target.