Alphabet (Google) Acquires Intersect Power for $4.75 Billion; TPG Launches IPX Power
January 2, 2026
Alphabet (Google) has acquired Intersect Power for $4.75 billion in cash plus the assumption of debt. As part of the transaction, Intersect’s grid-tied power business was spun out into a new independent power producer, IPX Power, with TPG Rise Climate majority backing and existing Intersect investors also participating in the spinout.
- Buyers
- Alphabet Incorporated, Google, TPG Rise Climate (majority backing of IPX Power)
- Targets
- Intersect Power, IPX Power (new independent power producer spun out from Intersect’s grid-tied business)
- Sellers
- TPG Rise Climate (sold its stake in Intersect), Existing Intersect investors that spun off the grid-tied business into IPX Power (including TPG, Google, Climate Adaptive Infrastructure, and Greenbelt Capital Partners)
- Industry
- Infrastructure
- Location
- United States
- Transaction Type
- Buyout
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