In December 2025, Google announced it would acquire Intersect, a renewable energy developer, for $4.75 billion in cash, plus the assumption of debt. The acquisition enables Google to bring more electricity generation capacity online faster for its data center development.
Existing Intersect investors — including asset management firm TPG, Climate Adaptive Infrastructure, Greenbelt Capital Partners and Google — have spun off Intersect’s grid-tied power business into a new independent power producer, IPX Power, with majority backing from TPG Rise Climate, which is TPG’s dedicated climate investing platform.
“I am incredibly proud to stand alongside this world-class organization, whose grit and expertise have created a true powerhouse in the energy sector,” said David Brochu, IPX Power CEO. “Building on this foundation, we are on track to construct and bring to operation billions of dollars in new assets, including the world’s largest battery energy storage system, and gigawatts of new generation.”
“We are pleased to reach this milestone and a successful outcome for Intersect, Google and our clients,” said Ed Beckley, a Managing Partner of TPG Rise Climate. “We brought together the TPG ecosystem to address the hyperscalers’ most significant challenge in meeting today’s data center capacity demands — readily available power at scale. Throughout our investment period, we developed the capabilities within Intersect to efficiently build new clean power generation alongside new data center load.”
As a large-scale, differentiated clean power platform, IPX will remain focused on co-located solar and battery storage projects. IPX and its existing team will continue to serve utilities and other customers across California and Texas through an existing portfolio of 4.4 GW of solar PV and 8.8 GWh of battery storage in construction or operation. The team has a multi-gigawatt pipeline of solar and battery storage across several high-quality projects in various stages of development.
