By Elias Schisgall

Google's parent Alphabet closed its $4.75 billion acquisition of Intersect and securing its ownership of over the wind and solar developer as part of the company's push to secure a power supply for its data-center buildout.

The deal makes Google the only tech giant to own a power company, The Wall Street Journal reported early last month. The acquisition from the private-equity firm TPG was disclosed announced late in December.

As part of the acquisition, Intersect investors spun off the company's grid-tied power business to create a new independent company called IPX Power. The spin-off and Google deal have a combined enterprise value of $12 billion, TPG said Tuesday.

IPX will continue to work on co-located solar and battery storage projects, TPG said.

Google already had a minority stake in Intersect prior to the acquisition, and the companies had agreed in late 2024 to provide $20 billion in data-center capacity investment by the end of the decade.

Intersect's operations are expected to remain separate and led by its chief executive, Sheldon Kimber. Intersect will work on a co-located Google data-center and power site in Haskell County, Texas, which is expected to be operational this year.

Write to Elias Schisgall at elias.schisgall@wsj.com

(END) Dow Jones Newswires

March 10, 2026 12:14 ET (16:14 GMT)

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