TPG Announces Completion of $4.75 Billion Sale of Intersect to Google; Launches IPX Power as Independent Power Producer

SAN FRANCISCO & FORT WORTH, Texas--(BUSINESS WIRE)--TPG, a leading global alternative asset management firm, today announced that TPG Rise Climate, the firm’s dedicated climate investing platform, has completed the sale of its stake in Intersect, which was acquired by Google for $4.75 billion, plus the assumption of debt, in a transaction announced on December 22, 2025.

Google’s acquisition of Intersect follows from a strategic partnership launched with Intersect and TPG in December 2024. With new investment from Google and additional capital from TPG, the partnership leveraged 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. Following a year of successful partnership, Google announced its agreement to acquire all of Intersect’s digital power assets.

As part of the transaction, existing Intersect investors, including TPG, Google, Climate Adaptive Infrastructure (CAI), and Greenbelt Capital Partners, spun off Intersect’s grid-tied power business to form a new independent company, IPX Power (“IPX”), with majority backing from TPG Rise Climate. This series of transactions – 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.

“We are pleased to reach this milestone and a successful outcome for Intersect, Google, and our clients,” said Ed Beckley, a Managing Partner of TPG Rise Climate. “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.”

Jamie Gilbert, Business Unit Partner at TPG Rise Climate, added: “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.”

As a large-scale, differentiated clean power platform, 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 team has a multi-gigawatt pipeline of solar and battery storage across several high-quality projects in various stages of development.

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 IPX
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 representing $10 billion in capital investments. To learn more visit: IPXPower.com