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TPG Announces Completion of $4.75 Billion Sale of Intersect to Google; Launches IPX Power as Independent Power Producer
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TPG, a 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. Following a year of 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.
As a large-scale, differentiated clean power platform, IPX will remain focused on co-located solar and battery storage projects, including what is said to be 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 projects in various stages of development.
David L. Brochu, a former senior advisor for Intersect and former CEO at Recurrent Energy, has been appointed Chief Executive Officer of IPX Power
The IPX Power leadership team also includes several executives formerly at Intersect, including Chief Financial Officer Nick Pape, Chief Commercial Officer Todd Johansen, and Chief Operating Officer John K. Martinez.
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March 10, 2026
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Copyright 2026 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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