CAI Backs Intersect Power with Over $800 Million Funding
Climate Adaptive Infrastructure (CAI), a prominent investment firm dedicated to energy decarbonization and sustainable water infrastructure, has announced its significant follow-on investment in Intersect Power. This funding round, exceeding $800 million, is led by TPG Rise Climate and includes notable investor participation from Google and Greenbelt Capital Partners. This financial support is aimed at enhancing Intersect Power's mission to deliver groundbreaking clean energy projects vital for reducing carbon emissions in the power grid.
Building on Previous Investments
CAI initially partnered with Intersect Power in 2020 as its first outside investor. Recognizing the immense potential of Intersect Power, CAI’s continued support aligns with its goal to fund transformative companies that contribute to global decarbonization. The firm has previously invested in various significant projects, including Rye Development, a leading name in hydropower development, and Switch, a fully renewable data center platform.
Strategic Partnership for Renewable Solutions
The new investment comes at a critical juncture as Intersect Power announces a strategic alliance with Google and TPG Rise Climate. This collaboration aims to deliver scalable renewable energy and storage solutions to meet the demands of new data centers. With the rising energy needs driven by AI and other technologies, innovative strategies that alleviate the pressure on existing power grids are essential. The partnership has already initiated financing for its first co-located clean energy project, aiming for operational status by 2026.
Commitment to a Sustainable Future
Sheldon Kimber, the Founder and CEO of Intersect Power, expressed gratitude for CAI’s ongoing support and commitment to their mission. He emphasized the importance of unity in advancing transformative clean energy solutions which will ultimately bolster long-term economic benefits while addressing the urgent need for energy decarbonization.
CAI's Vision for Decarbonization
Bill Green, Founder and Managing Partner at CAI, highlighted the ongoing evolution of Intersect Power since its initial investment. The firm's backing is firmly rooted in a belief in Intersect's capacity to effect change in the energy sector, and its impact is progressively becoming more significant within the U.S. infrastructure and economy. Green reiterated that the collaboration with TPG and Google represents a pivotal step towards innovative pathways in deep decarbonization.
About Intersect Power
Intersect Power stands at the forefront of clean energy innovation, offering scalable, low-carbon solutions in global energy markets. The company is committed to developing, owning, and managing substantial grid-tied clean energy resources. This involves creating co-located facilities for large industrial consumers, including data centers and energy-intensive products, thereby reshaping the landscape of the clean energy industry.
With an impressive operating portfolio comprising 2.2 GW of solar PV and 2.4 GWh of battery storage, Intersect Power has engaged in approximately $4 billion in capital investments. The company plans to significantly expand its footprint in 2025 with the initiation of an additional 4 GW of solar PV and 10 GWh of battery storage, representing around $9 billion in assets.
About Climate Adaptive Infrastructure
Founded in 2019, Climate Adaptive Infrastructure (CAI) is dedicated to investing in low-carbon real assets across the energy, water, and urban infrastructures. The firm strategically targets investments aimed at improving sustainability and quality of life in preparation for a growing population worldwide. Using climate-focused metrics, CAI undertakes a meticulous selection of investments, ensuring a balance between enhanced returns and reduced carbon emissions.
Frequently Asked Questions
What is the primary focus of CAI?
CAI specializes in energy decarbonization and sustainable infrastructure investments.
How much funding did CAI provide to Intersect Power?
CAI is part of an investment round exceeding $800 million for Intersect Power.
Which other companies are involved in the funding round?
Besides CAI, TPG Rise Climate, Google, and Greenbelt Capital Partners are also key investors.
What is Intersect Power’s core mission?
Intersect Power aims to develop innovative clean energy projects to decarbonize the existing power grid.
What are the future plans of Intersect Power?
The company plans to significantly expand its solar PV and battery storage operations in the near future.
