Google to Acquire Intersect Power for $4.75 Billion, Launch IPX Power Spinout
Google will acquire Intersect Power’s digital power business for $4.75 billion in a deal that assumes debt and values the transaction at $12 billion. The deal spins out grid-tied clean-energy assets into IPX Power, launching with 4.4 GW of solar capacity and 8.8 GWh battery storage in California and Texas.
1. Acquisition and Valuation
Google is buying Intersect Power’s digital power business for $4.75 billion, assuming outstanding debt and setting a combined enterprise value of $12 billion. This purchase transfers all of Intersect’s data centre energy matching assets to Google, solidifying its ownership of digital power resources.
2. IPX Power Spin-Out and Assets
The transaction spins out Intersect’s grid-tied clean-energy portfolio into a newly formed independent producer, IPX Power. The company starts operations with 4.4 GW of solar photovoltaic capacity and 8.8 GWh of battery storage in California and Texas, plus a multi-gigawatt development pipeline, serving utilities, community choice aggregators, corporate buyers and service providers.
3. Strategic Rationale and Leadership
This acquisition builds on a December 2024 partnership linking Google data centre demand with clean generation and storage. IPX Power is majority-backed by TPG Rise Climate, supported by Greenbelt Capital Partners and Climate Adaptive Infrastructure, and led by CEO David Brochu, CFO Nick Pape, CCO Todd Johansen and COO John Martinez.