Google Makes Major Power Play with $4.75 Billion Acquisition of Developer Intersect
January 5, 2026
In a landmark move to secure its future energy needs and infrastructure, Google has acquired Intersect Power, LLC, a leading developer of large-scale renewable energy and data center projects, for $4.75 billion. The acquisition underscores the intensifying race among hyperscalers to control the critical power and real estate assets required to fuel the explosive growth of artificial intelligence and cloud computing, moving beyond power purchase agreements to direct ownership of generation and transmission infrastructure.
The deal, announced on January 5, 2026, sees Google absorbing Intersect’s entire portfolio and development pipeline. This includes a significant pipeline of data center campuses strategically co-located with major renewable energy and storage assets. Intersect has been a key player in the U.S. market, developing projects like the Oberon solar-plus-storage facility in California and a portfolio of projects in the Electric Reliability Council of Texas (ERCOT) region. The transaction is subject to customary regulatory approvals.
Integrating Intersect’s assets provides Google with direct control over a multi-gigawatt portfolio of clean power generation and battery energy storage systems (BESS), crucial for providing 24/7 carbon-free energy to its operations. This vertical integration strategy is increasingly seen as essential to bypass grid constraints and secure reliable, cost-effective power for energy-intensive data centers. The acquisition not only accelerates Google’s progress toward its 2030 24/7 carbon-free energy goal but also grants it immediate access to a seasoned team and a vast pipeline of “shovel-ready” project sites.
For the broader industry, Google’s acquisition signals a strategic shift. Hyperscale operators are no longer just the largest buyers of clean power; they are becoming dominant owners and developers of energy infrastructure. This trend is likely to accelerate consolidation in the renewable development sector and could reshape power market dynamics, as tech giants leverage their balance sheets to own the entire value chain from electron generation to data processing.
Source: energy-storage.news
