IPX Power Launches as Independent Power Producer Following Intersect Acquisition by Google

Backed by TPG Rise Climate, Climate Adaptive Infrastructure, and Greenbelt Capital Partners, IPX debuts with 4.4 GW solar and 8.8 GWh storage portfolio

SAN FRANCISCO--(BUSINESS WIRE)--IPX Power, an independent power producer that develops, owns, and operates some of the largest clean energy resources in the U.S. today announced its formation as an independent company. IPX was carved out from Intersect Power following the sale of Intersect to Google.

IPX owns a large portfolio of clean energy assets serving utilities and other customers across California and Texas, including 4.4 GW of solar PV and 8.8 GWh of battery storage in construction or operation. Within the portfolio, IPX is constructing one of the largest battery storage systems in the world. The team has a multi-gigawatt pipeline of solar and battery storage across several high-quality projects in various stages of development. IPX and its mission continue to be supported by existing investors, including a majority investment by TPG Rise Climate, Climate Adaptive Infrastructure, and Greenbelt Capital Partners. David L. Brochu, an accomplished industry CEO and former senior advisor for Intersect, has been appointed Chief Executive Officer.

“I am incredibly proud to stand alongside this world-class organization, whose grit and expertise have created a true powerhouse in the energy sector,” said David Brochu, IPX Power CEO. “Building on this foundation, we are on track to construct and bring to operation billions of dollars in new assets, including the world’s largest battery energy storage system, and gigawatts of new generation.”

“Under the new IPX brand and with the existing team, the company continues to be well positioned to meet rapidly growing power needs across the country,” said Ed Beckley, Managing Partner of TPG Rise Climate. “IPX has become a differentiated IPP with some of the largest clean power assets in the U.S. We look forward to continuing our support of IPX as it brings online new gigawatt-scale clean energy to power the next generation economy,” added Steven Mandel, Partner at TPG.

In addition to Brochu, the leadership team also comprises seasoned executives from Intersect, including Chief Financial Officer Nick Pape, Chief Commercial Officer Todd Johansen, and Chief Operating Officer John K. Martinez.

Operating as a sustainable independent power producer, IPX is positioned to play a critical role in meeting the projected 250 GW needed to power the U.S. economy by 2030. IPX customers include some of the nation’s largest energy users and clean energy investors, including utilities, community choice aggregators, large corporate buyers, and energy service providers.

"As a founding investor in Intersect Power, we are excited to participate in this next chapter of the evolution of this team and its critical work to deliver some of the most important energy infrastructure in North America,” said Bill Green, Founder and Managing Partner at Climate Adaptive Infrastructure. “This team’s track record speaks for itself and their financial acumen combined with boots on the ground expertise will continue to set them apart in the market.“

"Since supporting Intersect at the start of its current journey in 2020, our partnership with this team has been defined by rigorous execution and exceptional results,” said Glenn Jacobson, Managing Partner of Greenbelt Capital Partners. “IPX Power emerges as what we believe is a proven leader with a world-class portfolio, and we look forward to fueling their continued growth as they deliver reliable, clean power to the market.”

About IPX Power

IPX Power is an independent power producer that develops, owns, and operates some of the world’s largest clean energy resources, delivering affordable, reliable power to utilities and other customers. IPX has 4.4 GW of solar PV and 8.8 GWh of battery storage in construction or operation. To learn more visit IPXPower.com.

About TPG Rise Climate

TPG Rise Climate is the dedicated climate investing platform of TPG, a leading global alternative asset management firm. With dedicated pools of capital across private equity, transition infrastructure, and the Global South, TPG Rise Climate pursues climate-related investments that benefit from the diverse skills of TPG’s investing professionals around the world, the strategic relationships and insights developed across TPG’s broad portfolio of climate companies, and a global network of executives, advisors, and corporate partners. As part of TPG’s $31 billion global impact investing platform, TPG Rise Climate invests broadly across the climate sector, with a focus on building and scaling leading climate solutions across the following thematic areas: clean electrons, clean molecules and materials, and adaptive solutions. For more information, visit https://www.tpg.com/platforms/impact/rise-climate.

About Climate Adaptive Infrastructure

Climate Adaptive Infrastructure (“CAI”) is an infrastructure investment firm specializing in low-carbon real assets in the energy, water and urban infrastructure sectors. The firm seeks investments across core infrastructure assets that drive investor returns while helping to address the critical challenges we face in decarbonizing industrial systems. CAI selects, finances, constructs and manages its investments using bespoke climate screens and metrics to enhance investment performance while reducing carbon emissions. For more information, visit https://www.climateadaptiveinfra.com/.

About Greenbelt Capital Partners

Greenbelt Capital Partners is a private equity firm with offices in Austin, TX and New York, NY. The firm focuses on investing in leading companies that are enabling the transition to a more resilient and electrified energy future. With over $3 billion in assets under management, Greenbelt aims to partner with exceptional management teams to drive growth and build lasting value across its portfolio. The senior team at Greenbelt has committed over $6 billion of equity capital across multiple portfolio companies and consummated over $75 billion of M&A and financings in over 260 transactions. For more information, please visit https://www.greenbeltcapital.com/.