Intersect Power Acquisition, Valuation, Funding & Investors

Intersect Power was acquired by Alphabet for $4.8B in December 2025.

Intersect Power acquisition price

$4.8B

Acquired by Alphabet · Dec 2025

Cumulative funding Intersect Power raised

$1.8B

across 4 funding rounds

Key investors in Intersect Power

  • Climate Adaptive Infrastructure
  • TPG
  • Trilantic North America
  • Alphabet
  • Macquarie Asset Management
  • Pantheon Ventures
  • Greenbelt Capital Partners

Intersect Power Overview

About Intersect Power

Intersect Power is a developer of solar and energy storage projects. Headquartered in Los Angeles, the company manages full lifecycle development, engineering, financing, and operations for clean energy assets. Its pipeline includes 3.2 gigawatts DC of solar-plus-storage projects entering service by 2023 across California and Texas. Intersect Power has sold over 1.7 gigawatts DC of contracted solar facilities to investors, serving utilities and commercial offtakers in wholesale markets.


Founded

2016

HQ

United StatesPortland, OR

Status

Acquired

Customer focus

B2B

Revenue model

Usage-based

Valuation

$4.8B (acquired Dec 2025)

Intersect Power Acquisition

Intersect Power was acquired by Alphabet for $4.8B on 22 December 2025.

Before the acquisition Intersect Power had raised $1.8B across 4 funding rounds.

Alphabet, Google's parent company, acquired Intersect Power, a renewable energy developer specializing in solar, wind, and battery storage projects co-located with data centers, for $4.75 billion in cash plus debt assumption. The definitive agreement was announced on December 22, 2025, with closing completed in early 2026, marking the first time a hyperscaler directly owned a major clean energy developer instead of relying on power purchase agreements. Intersect brings 3.6 GW of solar and wind capacity under development, 3.1 GWh of battery storage, and a team that has delivered $15 billion in infrastructure projects, enabling Google to bypass grid interconnection delays of 7-12 years by developing 'energy parks' that integrate generation, storage, and data center load. The deal stems from a 2024 strategic partnership where Google invested $800 million for a minority stake alongside TPG Rise Climate, which had backed Intersect's $2.1 billion total fundraising. Intersect will operate as an independent subsidiary under founder and CEO Sheldon Kimber, focusing exclusively on Google's digital power assets and energy park strategy to support $185 billion in 2026 AI-related capital expenditures, including $40 billion for three Texas data centers through 2027. Concurrently, existing investors TPG Rise Climate, Climate Adaptive Infrastructure, and Greenbelt Capital Partners spun off Intersect's grid-tied assets—operating projects in Texas and California, plus a 1.6 GW solar and 4.8 GWh storage project—into a new independent power producer, IPX Power, at a total enterprise value of $12 billion for both transactions. This acquisition addresses surging data center power demands driven by AI, positioning Google ahead of competitors like Microsoft, Amazon, and Meta amid $600 billion annual industry spending on infrastructure, while advancing U.S. energy innovation through co-location models that align clean generation with compute needs.

Intersect Power acquisition details
AcquirerDateTypePrice
22 Dec 2025Strategic M&A$4.8B

Intersect Power Funding History

Intersect Power has raised a total of $1.8B across 4 funding rounds, plus 1 secondary share sale.

Intersect Power's first fundraising round was a $150M undisclosed-stage round in July 2017. The most recent completed round was a $800M undisclosed-stage round in December 2024.

Intersect Power funding rounds

Intersect Power funding rounds
DateStageInvestorsRaisedDeal Summary
Sep 2025SecondaryClimate Adaptive Infrastructure (lead); Pantheon Ventures-Pantheon Ventures announced on 23 September 2025 that it had committed to invest approximately 30 million pounds in the US energy and data centre developer Intersect Power. The investment was made through Pantheon Infrastructure Plc, the London-listed trust Pantheon manages, and was structured as a secondary transaction with Climate Adaptive Infrastructure, the US infrastructure investor that had raised and managed more than 1.3 billion dollars and that manages the vehicle through which Pantheon holds the position. Pantheon acquired a minority interest and no valuation for Intersect was disclosed; the trust later stated that the total amount committed was about 40 million dollars. Pantheon said the investment would be funded from a combination of existing cash reserves and drawings under the trust's revolving credit facility, and the board had assessed the transaction against the alternative uses of the expected proceeds from the sale of Calpine. Intersect develops and operates utility-scale and industrial power infrastructure, with a model built on co-locating industrial demand with rapidly deployed dedicated gas and renewable generation for data centre and utility customers. The company is headquartered in California and had 2.2 gigawatts-peak of operational solar capacity and 1.4 gigawatt-hours of battery storage in operation, with roughly 3 gigawatts of solar and more than 15 gigawatt-hours of storage under construction. Pantheon said Intersect was well positioned to navigate the evolving US trade and regulatory environment given its scale, domestic procurement and secured financing, and noted it is the largest customer of the leading US solar panel and battery manufacturers. Richard Sem, the partner at Pantheon managing the trust, said the investment reflected a disciplined approach to capital allocation and pointed to a pipeline of projects benefiting from safe-harboured tax credits pre-dating the Inflation Reduction Act. Three months later Alphabet agreed to acquire the majority of Intersect's business.
Dec 2024Undisclosed stageAlphabet (lead); TPG (lead); Greenbelt Capital Partners; Climate Adaptive Infrastructure$800MIntersect Power, a Houston-based renewable energy developer, closed a funding round of more than $800 million in December 2024 led by TPG Rise Climate and Google, with participation from Climate Adaptive Infrastructure (which was the first outside investor in 2020) and Greenbelt Capital Partners. The company focuses on developing large-scale clean energy projects that decarbonize the existing power grid and enable new loads to clean generation without requiring new transmission infrastructure. As part of the funding, Intersect entered a strategic partnership with Google and TPG Rise Climate to build renewable energy and battery storage industrial parks co-located with Google's planned U.S. data centers. The first project is expected to be operational by 2026 and fully complete by 2027, with the partnership catalyzing a targeted $20 billion in renewable power infrastructure investment by decade's end. Intersect currently operates 2.2 gigawatts of solar and 2.4 gigawatt hours of battery storage, with plans to break ground on an additional 4 gigawatts of solar and 10 gigawatt hours of battery storage in 2025. However, the company's post-money valuation, revenue, EBITDA, and applicable multiples were not disclosed in public sources.
Jun 2022Undisclosed stageTPG (lead); Trilantic North America; Climate Adaptive Infrastructure$750MIntersect Power is a clean energy developer focused on large-scale solar, battery storage, and green hydrogen projects. On June 28, 2022, it announced a $750 million growth equity investment led by TPG Rise Climate, with participation from existing investors Climate Adaptive Infrastructure (CAI) and Trilantic Energy Partners North America. The capital was intended to expand its clean energy platform from a 2.4 GW portfolio to over 8 GW of renewable generation, storage, and hydrogen production, including nearly 1 GW of green hydrogen and 2.2 GWp solar PV with 1.4 GWh co-located storage under construction for 2023 operation. At the time, Intersect Power had a mid-to-late stage development pipeline exceeding 8.5 GWp and 8 GWh across the US, with TPG representatives joining the board alongside CAI and others. The investment supported entry into new markets and technologies while building on prior backing from CAI, Trilantic, and management.
Jan 2021Undisclosed stageTrilantic North America; Climate Adaptive Infrastructure$127MIntersect Power, a San Francisco-based developer of utility-scale renewable energy founded in 2016, secured $127 million in equity funding from Climate Adaptive Infrastructure (CAI) and Trilantic North America on January 26, 2021, alongside a $482 million debt facility from Generate Capital and CarVal Investors, totaling over $600 million in corporate capital. The funding aimed to accelerate the company's transition to a scalable provider of electric power for utilities and large end-users, scaling its core solar and energy storage business while expanding into clean infrastructure like green hydrogen. At the time, Intersect Power had developed 3.7 GWDC of solar assets described as having a portfolio value of more than $8 billion. The company had also developed and sold more than 1.7 GWDC of contracted solar projects across California and Texas, with a pipeline of 3.2 GWDC of late-stage solar and storage projects expected to be operational by 2023, plus an emerging pipeline of other clean infrastructure assets. Intersect Power handles all phases including development, design, engineering, finance, and operations. Investors highlighted Intersect Power's leadership in renewables and potential in the energy transition. Trilantic North America Partner Glenn Jacobson noted excitement in partnering with the founder-led team to drive growth amid accelerating decarbonization. Climate Adaptive Infrastructure's Bill Green praised the team's expertise in deploying capital across low-carbon assets and expansion into green hydrogen.
Jul 2017Undisclosed stageMacquarie Asset Management (lead)$150MIntersect Power is a utility-scale power development company founded in 2016, focused on greenfield solar and power storage projects for wholesale customers and markets. The company specializes in all development disciplines including site acquisition, permitting, interconnection, origination, engineering, procurement, construction, and finance. In July 2017, Intersect Power announced an investment from Macquarie Infrastructure Corporation (MIC, NYSE:MIC), which included equity, contingent equity commitments, and credit facilities to comprehensively fund its pipeline development and expansion across the U.S. At the time, Intersect Power had approximately 700MWp of early-stage projects in California and Texas, with active pursuit of additional opportunities nationwide, targeting energy delivery from 2019 to 2021. MIC, a $6.6 billion listed company, brought expertise with over 350MW of operating solar and wind power assets and was actively engaged in developing and acquiring renewable power operations. The partnership aligned with market shifts toward renewables, electricity storage, and natural gas infrastructure, as stated by Intersect Power's Managing Partner and Co-Founder Sheldon Kimber.

Who has invested in Intersect Power?

7 investors have backed Intersect Power across its funding rounds, including Climate Adaptive Infrastructure, TPG, Trilantic North America, Alphabet, Macquarie Asset Management and Pantheon Ventures.

Lead investors include Climate Adaptive Infrastructure, Alphabet, TPG and Macquarie Asset Management.


Intersect Power Investors

Investors in Intersect Power by funding rounds participated
InvestorHQRoundsRoleFirst check
Climate Adaptive InfrastructureUnited StatesSan Francisco, CA4LeadJan 2021
Trilantic North AmericaUnited StatesNew York City, NY2ParticipantJan 2021
TPGUnited StatesSan Francisco, CA2LeadJun 2022
Greenbelt Capital PartnersUnited StatesAustin, TX1ParticipantDec 2024
Macquarie Asset ManagementAustraliaSydney1LeadJul 2017

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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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Investments by Intersect Power

Intersect Power has invested in 1 company to date.

Latest investment by Intersect Power was on January 30th 2024. Intersect Power invested in Crux in their $18M Series A round.


Latest Investments by Intersect Power

Crux
Description
Crux is a climate fintech platform that facilitates transactions and management of transferable tax credits among developers, tax credit buyers, and financial institutions. The platform supports capital raising for clean energy projects through credits like 45Q carbon capture and 45Z clean fuels. Developers and manufacturers access funding across project stages from development to operations. Headquartered in New York City, Crux launched in 2021 and partners with institutions such as Goldman Sachs and JPMorgan Chase to streamline sustainable finance. Its technology integrates capital markets data for efficient matching and risk assessment in the growing tax equity market.
HQ CountryUnited States
HQ City
New York City, NY
Deal Date30 Jan 2024
RoundSeries A
Raised$18M
InvestorsPattern Energy Group; Three Cairns Group; EDF Renewable Energy; Andreessen Horowitz; Lowercarbon Capital; New System Ventures; Overture VC; Clearway Energy
Valuationundisclosed
EV/Revenue
EV/EBITDA

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Intersect Power Competitors

Intersect Power competitors include listed companies like Enel Generacion Chile, J-Power, Tohoku Electric Power and Hubei Energy, and private ones like 50Hertz and The Faraday Grid.

Public and private companies comparable to Intersect Power
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Enel Generacion ChileChileChilePublicly listed$3.1B$884M$4.7B1.7x
J-PowerJapanJapanPublicly listed$7.6B$1.6B$4.8B1.9x
Tohoku Electric PowerJapanJapanPublicly listed$15B$2.4B$4.7B1.4x
Hubei EnergyChinaChinaPublicly listed$2.6B$1.2B$4.7B4.1x
50HertzGermanyGermanyPrivate--$6B-
The Faraday GridUnited KingdomEdinburghPrivate--$3.7B-

Intersect Power Public Comps

Intersect Power is no longer listed, but its public comps include Enel Generacion Chile, Enphase Energy, Pampa Energia, Cosmo Energy Holdings, J-Power, Tohoku Electric Power, California Resources, Hubei Energy, Crescent Energy and Sinopec Oilfield Service.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Enel Generacion Chile$3.1B$884M1.6x1.7x5.7x5.4x
Enphase Energy$1.5B$227M3.0x3.5x19.4x12.5x
Pampa Energia$2B$1.1B3.0x2.5x5.4x5.4x
Cosmo Energy Holdings$17B$1.3B0.5x0.5x6.3x6.5x
J-Power$7.6B$1.6B2.1x1.9x10.1x10.6x
Tohoku Electric Power$15B$2.4B1.4x1.4x8.9x8.1x
California Resources$3.4B$1.1B1.4x1.3x4.3x3.8x
Hubei Energy$2.6B$1.2B4.3x4.1x9.2x10.7x

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Common questions about Intersect Power

When was Intersect Power founded?Intersect Power was founded in 2016.
Where is Intersect Power headquartered?Intersect Power is headquartered in Portland, OR, United States.
Is Intersect Power publicly listed?No, Intersect Power was acquired by Alphabet in December 2025.
Who acquired Intersect Power?Intersect Power was acquired by Alphabet in December 2025.
How much was Intersect Power acquired for?Intersect Power was acquired for $4.8B in December 2025.
How much funding has Intersect Power raised?Intersect Power has raised $1.8B across 4 funding rounds.
What was Intersect Power's last funding round?Intersect Power's last funding round was a $800M undisclosed-stage round in December 2024, led by Alphabet and TPG.
Who are Intersect Power's investors?Intersect Power's investors include Climate Adaptive Infrastructure, Trilantic North America, TPG, Greenbelt Capital Partners, Macquarie Asset Management, Pantheon Ventures and Alphabet.
Which companies are comparable to Intersect Power?Companies comparable to Intersect Power include Enel Generacion Chile, J-Power, Tohoku Electric Power, Hubei Energy, 50Hertz and The Faraday Grid.
How many companies has Intersect Power invested in?Intersect Power has invested in 1 company, including Crux.
What was Intersect Power's last investment?In January 2024, Intersect Power invested in Crux's $18M Series A alongside Pattern Energy Group, Three Cairns Group, EDF Renewable Energy and 5 other investors.

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