TPG announced that its climate-focused investment platform, TPG Rise Climate, has completed the sale of its stake in clean energy company Intersect to Google for $4.75 billion, plus the assumption of debt. The transaction follows an agreement first announced in December 2025 and marks a major milestone in a partnership between the companies aimed at scaling clean power infrastructure to support growing data center demand.
Intersect had been working with TPG and Google since December 2024 on a strategy to co-locate new clean energy generation and battery storage alongside data center facilities. The approach was designed to address one of the biggest challenges facing hyperscale computing infrastructure: securing a large-scale power supply while meeting sustainability goals.
Following the completion of the acquisition, Google acquired all of Intersect’s digital power assets. At the same time, Intersect’s grid-connected clean energy assets have been spun out into a newly formed independent power producer called IPX Power.
The spinout was backed by existing Intersect investors, including TPG, Google, Climate Adaptive Infrastructure, and Greenbelt Capital Partners. The combined transactions — including the sale of Intersect’s digital power business and the creation of IPX — represent a total enterprise value of $12 billion.
IPX Power will focus on developing, owning, and operating large-scale clean energy projects, particularly co-located solar and battery storage facilities. The company begins operations with a significant portfolio, including 4.4 GW of solar photovoltaic capacity and 8.8 GWh of battery storage currently under construction or already operational. These projects represent approximately $10 billion in capital investments.
The company will continue serving utilities and other customers across California and Texas while advancing a multi-gigawatt development pipeline of solar and battery storage projects.
TPG Rise Climate is the climate-focused investment arm of TPG and operates as part of the firm’s $31 billion global impact investing platform. The strategy invests across areas such as clean electricity generation, sustainable materials and molecules, and climate adaptation technologies.
The Intersect transaction highlights growing collaboration between technology companies and energy infrastructure developers as demand for computing capacity and clean power continues to accelerate.
KEY QUOTES
“We are pleased to reach this milestone and a successful outcome for Intersect, Google, and our clients. 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. 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 U.S.”
Ed Beckley, Managing Partner of TPG Rise Climate
“Google’s recognition of Intersect’s unique capabilities underscores the strength of its platform. As we look ahead, our conviction around the growth opportunity for the grid-tied business remains as strong as it was when we first invested in Intersect in 2022. Now under the IPX brand, the grid-tied business enters its next chapter from a position of real scale and strength.”
Jamie Gilbert, Business Unit Partner at TPG Rise Climate
