Intersect Power Partners with Google and TPG Rise Climate for Data Center Power Evolution
Deal News | Dec 10, 2024 | TPG
Intersect Power announced a strategic partnership with Google and TPG Rise Climate to co-locate data center load with clean power generation across the US. Through this collaboration, the entities aim to accelerate data center development and renewable energy deployment by investing $800 million initially, with an overarching target of catalyzing $20 billion in renewable power infrastructure by 2030. This innovative partnership is expected to streamline infrastructure deployment, ease grid burden, and increase reliability while reducing costs. The first co-located clean energy project is projected to be operational by 2026 and completed by 2027. TPG Rise Climate, part of TPG’s $25 billion impact investing platform, will leverage its expertise and broad sector approach to climate-related investments, contributing to this transformative initiative.
Sectors
- Renewable Energy
- Data Centers
- Private Equity
Geography
- United States – All the initiatives in the partnership between Intersect Power, Google, and TPG Rise Climate are focused on developing infrastructure across the US.
Industry
- Renewable Energy – Relevant as the article discusses large investments and collaborations in renewable power and storage solutions.
- Data Centers – The core focus of the strategic partnership is to evolve data center development and co-locate with renewable energy sources.
- Private Equity – TPG Rise Climate, part of TPG's impact investing platform, is a key player in the partnership, providing financial backing and strategic insights.
Financials
- $800 million – Initial funding round led by TPG and Google to accelerate the development of the partnership.
- $20 billion – Targeted investment in renewable power infrastructure by the end of the decade.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Intersect Power | Target Company | Company | A company specialized in providing scaled renewable power and storage solutions. |
| Partner | Company | Collaborating with Intersect Power and TPG Rise Climate to enhance data center development with clean energy. | |
| TPG Rise Climate | PE Firm | Company | The dedicated climate investing strategy arm of TPG participating in the partnership. |