US technology company Google has finalised its US$4.75 billion (approximately €4.37 billion) acquisition of American renewable energy developer Intersect Power, according to Energy Storage News. The deal, which closed a transaction that began in December 2025, forms part of Google's strategy to secure dedicated clean energy supply for its rapidly expanding data centre operations across the United States.

Energy Storage News reported that Google purchased asset manager TPG Rise Climate's stake in Intersect, with lead shareholders including TPG, Google, Climate Adaptive Infrastructure, and Greenbelt Capital Partners simultaneously spinning off Intersect's grid-tied power business into a new independent power producer, IPX Power. The new entity will focus on co-located solar and battery energy storage system projects, primarily in Texas and California.

Jamie Gilbert, business unit partner at TPG Rise Climate, said: "Google's recognition of Intersect's unique capabilities underscores the strength of its platform."

The acquisition gives Google a scalable model for meeting growing compute demand and enables the co-location of power sources with data centres. Google has committed US$40 billion (approximately €36.8 billion) to building three data centres in Texas through 2027, and chief executive Sundar Pichai confirmed the company will spend US$185 billion (approximately €170.2 billion) on AI-related capital expenditure this year.

The deal reflects a broader trend among major technology firms securing their own energy supply. Google, Amazon, Meta, Microsoft, Oracle, OpenAI, and xAI have all signed a White House ratepayer protection pledge requiring companies to provide, build, or buy their own energy to power data centre development.

Big technology companies have been the largest corporate buyers of power in the US in recent years, with solar and battery storage positioned as the primary vehicle for meeting their accelerating electricity demand.

View the full report on Google's Intersect Power acquisition and its energy strategy.