Intersect Power platform — digital power / data center + clean energy infrastructure (10.8 GW portfolio at close)
Google closes $4.75B acquisition of Intersect Power (announced Dec 22, 2025; see ma-2025-021). Intersect continues operating under its brand as a Google subsidiary, led by CEO Sheldon Kimber. Concurrent with closing, Greenbelt Capital Partners, TPG Rise Climate, and CAI launch IPX Power as an independent IPP with 4.4 GW solar + 8.8 GWh BESS carved out from Intersect's Texas and California operating assets; IPX CEO: David L. Brochu. Combined sale + IPX carve-out represents $12B total enterprise value.
$12.00B
Deal Value
10,800MW
Capacity
Solar + Storage
Technology
Multi-state
Location
Deal Details
- Deal Type
- Corporate M&A
- Seller / Sponsor
- Greenbelt Capital Partners; TPG Rise Climate; Climate Adaptive Infrastructure (CAI)
- Buyer / Financier
- Alphabet (Google)
- Deal Value
- $12B enterprise value ($4.75B cash + assumed debt)
- Stage
- Mixed (Operating + Construction + Development)
- ISO/RTO
- CAISO, ERCOT
Capital Structure
$12.0B
Total transaction value
Tranches
- Cash consideration (Google for Intersect digital power business) · Alphabet (Google)
- $4.75B
Service Providers
Advisory & Legal
- Buyer Counsel
- Cleary Gottlieb
- Seller Counsel
- Orrick
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Leadership at the Counterparties
Recent executive moves at the firms named in this deal.
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