Google owner Alphabet to buy clean energy developer Intersect for $4.75B
Alphabet, Google’s parent company, said it plans to acquire clean energy developer Intersect for $4.75 billion in cash, plus the assumption of Intersect’s debt, as big technology companies expand power and infrastructure to support growing data center demand tied to artificial intelligence.
Under the agreement, Alphabet will acquire Intersect’s energy and data center projects that are under development or under construction. Intersect said it has about $15 billion in assets either operating or under construction, and projects representing about 10.8 gigawatts of power are expected to be online or in development by 2028.
Alphabet said Intersect’s operations will remain separate. Intersect’s existing operating assets in Texas, and its operating and in-development assets in California, are not included in the transaction and will continue as an independent company supported by existing investors.
Google, alongside TPG Rise Climate, backed Intersect in a funding round announced in December 2024, which also included plans to develop industrial parks designed to co-locate data center capacity with new clean energy projects.
Alphabet said Intersect will also explore emerging technologies to help increase and diversify energy supply while supporting Google’s U.S. data center investments. The transaction is expected to close in the first half of 2026, subject to regulatory approvals and customary closing conditions.
