CAI-backed IPX debuts with 4.4 GW solar and 8.8 GWh storage portfolio
MILL VALLEY, Calif., March 12, 2026 /PRNewswire/ — Climate Adaptive Infrastructure (“CAI”) announced the formation of IPX Power, an independent power producer that develops, owns, and operates some of the largest clean energy resources in the U.S. IPX was carved out from Intersect Power following the sale of Intersect to Google, which closed on March 10, 2026.
IPX owns a large portfolio of clean energy assets serving utilities and other customers across California and Texas, including 4.4 GW of solar PV and 8.8 GWh of battery storage in construction or operation. Within the portfolio, IPX is constructing one of the largest battery energy storage systems in the world. The team has multiple gigawatts of additional solar and battery storage across several projects in various stages of development.
IPX will continue to be supported by CAI, one of the Founding Investors in Intersect Power, and other existing investors, including TPG Rise Climate and Greenbelt Capital Partners. David L. Brochu, an accomplished industry CEO and former senior advisor for Intersect, has been appointed Chief Executive Officer.
“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.”
In addition to Brochu, the leadership team comprises seasoned executives from Intersect, including Chief Financial Officer Nick Pape, Chief Commercial Officer Todd Johansen, and Chief Operating Officer John K. Martinez.
“As a founding investor in Intersect Power, we are excited to participate in this next chapter of the evolution of this team and its critical work to deliver some of the most important energy infrastructure in North America,” said Bill Green, Founder and Managing Partner at Climate Adaptive Infrastructure. “This team’s track record of delivering large-scale solar and storage projects speaks for itself, and their financial acumen combined with boots on the ground expertise will continue to set them apart in the market.”
Operating as a sustainable independent power producer, IPX is positioned to play a critical role in meeting the projected 250 GW needed to power the U.S. economy by 2030. IPX customers include some of the nation’s largest energy users and clean energy investors, including utilities, community choice aggregators, large corporate buyers, and energy service providers.
