- IPX Power has a majority backing from TPG Rise Climate
- TPG first backed Intersect in December 2024
- IPX will remain focused on co-located solar and battery storage projects
TPG has completed the sale of its stake in Intersect, which was acquired by Google for $4.75 billion.
Google’s acquisition of Intersect follows from a strategic partnership launched with Intersect and TPG in December 2024. With new investment from Google and additional capital from TPG, the partnership leveraged Intersect’s capabilities to co-locate data-center load with new clean generation and storage, creating an innovative and scalable model for meeting growing compute demand, a statement read.
Existing Intersect investors, including TPG, Google, Climate Adaptive Infrastructure, and Greenbelt Capital Partners, have spun off Intersect’s grid-tied power business to form a new independent company. IPX Power has a majority backing from TPG Rise Climate.
This series of transactions – the sale of Intersect’s digital power business, along with the spinout of its grid-tied clean energy assets into IPX – represents a total enterprise value of $12 billion, the statement read.
IPX will remain focused on co-located solar and battery storage projects, including the largest project of its kind in North America. IPX and its existing team will continue to serve utilities and other customers across California and Texas through an existing portfolio of 4.4 GW of solar PV and 8.8 GWh of battery storage in construction or operation.
“We brought together the TPG ecosystem to address the hyperscalers’ most significant challenge in meeting today’s data center capacity demands – readily available power at scale,” said Ed Beckley, managing partner at TPG Rise Climate, in a statement. “Throughout our investment period, we developed the capabilities within Intersect to efficiently build new clean power generation alongside new data center load, and we wish Google, Intersect’s founder and CEO Sheldon Kimber, and the Intersect digital power team continued success as they scale this innovative business across the US.”
