Fort Worth- and San Francisco-based TPG Rise Climate has completed the sale of its stake in Intersect Power, which was acquired by Google for $4.75 billion, plus the assumption of debt, in a deal first announced in December. Intersect is a clean energy company based in San Francisco that develops large-scale solar and battery energy storage projects for AI data centers and renewable energy operations. 

The news was announced Tuesday by TPG, a global alternative asset management firm based in Fort Worth and San Francisco. TPG Rise Climate is the firm’s dedicated climate investment platform. 

Google’s acquisition of Intersect comes in the wake of a strategic partnership launched with Intersect and TPG in December 2024. New investment from Google and additional capital from TPG enabled the partnership to leverage 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,” TPG said.

After a year of the partnership, Google decided to snap up all of Intersect’s digital power assets for the staggering 10-digit sum.

Google made other big news in Texas in November, when it announced its largest-ever investment in any U.S. state, committing $40 billion to Texas through 2027 to add three new data center campuses and make the Lone Star State a centerpiece of its global AI data center footprint.

Launch of IPX Power

As part of the deal, existing Intersect investors—including TPG, Google, Climate Adaptive Infrastructure, and Greenbelt Capital Partners—spun off Intersect’s grid-tied power business to form a new independent company called IPX Power.

TPG Rise Climate provided majority backing for the IPX spinoff, TPG said.

All together, 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, TPG added.

Providing ‘readily available power at scale’ for data centers

Ed Beckley, a managing partner of TPG Rise Climate, said his investing platform “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.,” Beckley added in a statement.

Jamie Gilbert, London-based business unit partner at TPG Rise Climate, said 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,” he added. “Now under the IPX brand, the grid‑tied business enters its next chapter from a position of real scale and strength.” 

TPG said 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, the platform said. IPX currently operates a multi-gigawatt pipeline of solar and battery storage across several “high-quality projects” in various stages of development.

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