Google’s parent company has signed an agreement to acquire Intersect Power LLC, a data center and energy infrastructure solutions provider, for $4.75 billion in cash plus assumed debt.
“Included in the transaction are Intersect’s world-class team and multiple gigawatts of energy and data center projects in development, or under construction, from its successful existing partnership with Google”, Alphabet Inc said in an online statement.
Late last year Google participated in a more than $800 million funding round by Intersect. Intersect at the time also announced a partnership with Google and TPG Rise Climate to support its aim to mobilize $20 billion in renewable power infrastructure by 2030.
“Intersect will also explore a range of emerging technologies to increase and diversify energy supply, while supporting Google’s U.S. data center investments to meet its Cloud customers’ and users’ demand”, Alphabet added.
“Intersect’s operations will remain separate from Alphabet and Google under the Intersect brand and will be led by Sheldon Kimber. It will partner closely with Google’s technical infrastructure team, continuing work on in-development, and new, joint projects; this includes the companies’ first announced co-located data center and power site, under construction in Haskell County, Texas.
“Intersect’s existing operating assets in Texas, and its operating and in-development assets in California, will not be part of the acquisition. Those assets continue to operate as an independent company, supported by existing investors TPG Rise Climate, Climate Adaptive Infrastructure and Greenbelt Capital Partners. Intersect expects a seamless transition and service continuity for customers of those assets”.
Alphabet expects its takeover of Intersect to accelerate project delivery.
“The acquisition will augment Alphabet and Google’s ongoing commitment to partnering with utilities and energy developers across the sector to unlock abundant, reliable, affordable energy supply that enables the buildout of data center infrastructure without passing on costs to grid customers”, it said.
“Alphabet is committed to creating new pathways and partnerships to responsibly increase energy supply, while advancing the rapid commercialization of advanced energy technologies – including advanced geothermal, long-duration energy storage and gas with carbon capture and storage.
“Additionally, Alphabet is deploying AI to accelerate the grid connection of new power plants and helping scale energy efficiency and affordability programs in data center communities”.
Alphabet and Google chief executive Sundar Pichai said, “Intersect will help us expand capacity, operate more nimbly in building new power generation in lockstep with new data center load and reimagine energy solutions to drive US innovation and leadership”.
Intersect founder and chief executive Sheldon Kimber said the company looks forward to “accelerating at scale as part of Google”.
“Modern infrastructure is the linchpin of American competitiveness in AI”, Kimber added. “We share Google’s conviction that energy innovation and community investment are the pillars of what must come next”.
The parties expect to consummate the transaction in the first half of 2026, subject to customary closing conditions.
To contact the author, email jov.onsat@rigzone.com
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