Google has acquired San Francisco, US-based Intersect Power for $4.75bn in a deal that includes the assumption of debt, according to statements from Greenbelt Capital Partners and global alternative asset management firm TPG.
The transaction, which was announced in December 2025, involves the purchase of Intersect’s digital power business and the concurrent spin-out of its grid-tied clean energy assets into a new company, IPX Power.
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The total enterprise value of these combined transactions stands at $12bn.
Following the completion of this sale, IPX Power has launched as an independent power producer.
The new company comprises specific assets formerly owned by Intersect and has majority backing from TPG’s climate investing platform, TPG Rise Climate, along with support from Greenbelt Capital Partners and Climate Adaptive Infrastructure.
IPX Power begins operations with a portfolio of 4.4GW of solar photovoltaic capacity and 8.8 gigawatt-hours (GWh) of battery storage either under construction or already operational in California and Texas.
The company reports it is also developing additional projects through a multi-gigawatt pipeline across both states.
Customers include utilities, community choice aggregators, corporate buyers and energy service providers.
Google’s purchase follows a partnership it formed with Intersect Power and TPG in December 2024 to link data centre energy demand with new clean generation and storage resources. After one year, Google moved to acquire all of Intersect’s digital power assets.
David Brochu leads IPX Power as CEO, with Nick Pape serving as chief financial officer, Todd Johansen as chief commercial officer and John Martinez as chief operating officer.
The newly established company continues to own and operate large-scale renewable energy resources aimed at meeting increasing demand for clean electricity in major US markets.
Greenbelt Capital managing partner Glenn Jacobson said: “Today marks an important milestone for Intersect, IPX and the broader clean energy ecosystem. We are extremely proud of the leading role Greenbelt has played in helping build and scale the Intersect platform since its inception in 2020.
“The successful closing with Google underscores the strength and strategic value of the Intersect franchise and the dynamic leadership of its CEO, Sheldon Kimber.”
TPG Rise Climate holds majority ownership in the company.
