SAN FRANCISCO & FORT WORTH, Texas--(BUSINESS WIRE)--March 10, 2026-- 
 
   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 
 
 
 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260310546074/en/

 
 
    CONTACT:    TPG 
 
   Ari Cohen 
 
   media@tpg.com 
 
 
   IPX 
 
   Kristina Skierka 
 
 
   press@ipx.com 
 
 
 
 
 
 

(END) Dow Jones Newswires

March 10, 2026 11:33 ET (15:33 GMT)