TPG has completed the sale of its stake in clean energy developer Intersect following the company’s acquisition by Google for $4.75 billion, along with the assumption of debt.
The acquisition follows a strategic partnership launched in December 2024 between Google, Intersect and TPG. The collaboration focused on linking new clean energy generation and storage with data-centre demand by co-locating computing infrastructure with renewable power sources.
After a year of partnership, Google agreed to acquire Intersect’s digital power assets.
As part of the deal, existing Intersect investors including TPG, Google, Climate Adaptive Infrastructure (CAI) and Greenbelt Capital Partners separated Intersect’s grid-connected power business into a new independent company, IPX Power (IPX), with majority backing from TPG Rise Climate.
The combined transactions including the sale of Intersect’s digital power business and the spin-off of its grid-tied clean energy assets into IPX represent a total enterprise value of about $12 billion.
“We are pleased to reach this milestone and a successful outcome for Intersect, Google, and our clients,” said Ed Beckley, managing partner at TPG Rise Climate.
Jamie Gilbert, business unit partner at TPG Rise Climate, said Google’s acquisition highlights the capabilities of Intersect’s platform and reflects continued confidence in the growth potential of grid-connected clean energy assets.
IPX will focus on developing co-located solar and battery storage projects and will continue serving utilities and other customers in California and Texas. The platform currently has about 4.4 GW of solar capacity and 8.8 GWh of battery storage either operational or under construction, with additional projects under development.
