Google Completes $4.75 Billion Acquisition of Renewable Power Developer Intersect Power

Google Completes $4.75 Billion Acquisition of Renewable Power Developer Intersect Power

March 11, 2026

In a significant move to secure its energy future, Google has finalized its acquisition of Intersect Power, a major U.S.-based developer of renewable power and storage infrastructure. The deal, valued at $4.75 billion plus the assumption of debt, underscores the intensifying efforts by hyperscale cloud providers to directly control the clean energy supply critical for powering their vast and growing data center operations.

The transaction, first announced in late December, grants Google control over Intersect Power's portfolio of in-development and under-construction power assets. Notably, Intersect's existing grid-tied power business was spun off into a separate entity named IPX Power prior to the acquisition's close. IPX Power, which boasts a portfolio of 4.4 gigawatts of solar photovoltaic capacity and 8.8 gigawatt-hours of battery storage either in construction or operation, counts TPG, Climate Adaptive Infrastructure, Greenbelt Capital Partners, and Google itself among its investors.

"Google's acquisition of Intersect is now closed," confirmed Chris Klem, Intersect's head of data centers. "Intersect is officially a subsidiary. This is ground zero for anyone who wants to have the most impact building the infrastructure defining the next era." Despite the change in ownership, Intersect indicated in a recent job listing that its operations would remain separate from Alphabet and Google and continue under the Intersect brand.

The acquisition provides Google with a formidable in-house engine for developing clean energy projects, directly aligning with its ambitious carbon-free energy goals. Intersect has already demonstrated its development scale, filing plans for a data center in Texas in February and spearheading a separate $3 billion data center project named "Meitner" in Pampa, Texas. This strategic purchase not only secures long-term, cost-effective power for Google's data centers but also signals a broader industry shift where technology giants are no longer just large energy buyers but are becoming central players in the generation and storage infrastructure of the power grid itself.

Source: datacenterdynamics