Alphabet has agreed to acquire Intersect in an all-cash deal valued at $4.75 billion to support faster growth of data centers and power generation
Intersect develops infrastructure that combines data centers with dedicated gas and renewable energy, with about $15 billion of assets operating or under construction in the US
It will continue to operate as an independent company under its existing CEO, while supporting Alphabet’s long-term data-center capacity and energy needs in the US
Alphabet, the parent company of technology behemoth Google, has entered a definitive agreement to acquire Intersect, which co-locates industrial demand with dedicated gas and renewable energy generation. The deal is worth $4.75 billion in cash.
Intersect says it specializes in building next-generation infrastructure for data centers and other energy-intensive industries that are powered by cheap, affordable, and clean energy. Its portfolio currently comprises $15 billion of assets in operation or under construction across the US.
Alphabet targets the acquisition to help it build more data centers and generation capacity to come online faster.
“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,” said Google and Alphabet CEO Sundar Pichai.
Intersect’s portfolio under acquisition includes multiple GWs of energy and data center projects in development or under construction from its existing $20 billion clean energy partnership with Google and TPG Rise Climate to co-locate data centers and clean energy assets with storage in the US for Google (see Google Enters $20 Billion RE Partnership To Run US Data Centers).
Its existing operating assets in Texas and its operating and in-development assets in California will not be part of the deal. These will continue to operate as an independent company supported by existing investors TPG Rise Climate, Climate Adaptive Infrastructure, and Greenbelt Capital Partners.
Intersect will also explore emerging technologies to increase and diversify the energy supply to help meet the energy demand for Google’s cloud customers.
Intersect Founder and CEO Sheldon Kimber will lead the Intersect brand, whose operations will remain separate from Alphabet and Google. The deal is expected to close in H1 2026.
Despite the US federal government’s anti-renewable energy stance, deals like these are expected to drive the demand for solar and storage as private entities pump billions into energy-hungry data centers, as forecast by Bloomberg New Energy Finance’s Youru Tan at a CPIA conference in December 2025 (see Global Solar Market Faces Pressure; Long-Term Growth Intact).
