Intersect Power Partners with Google and TPG Rise Climate for Renewable Data Centers
Deal News | Dec 16, 2024 | Orrick
Intersect Power has entered a strategic alliance with Google and TPG Rise Climate aimed at deploying renewable energy solutions in data centers across the United States. This partnership, facilitated by Orrick, is set to inject $20 billion into renewable energy infrastructure by 2030 and represents an innovative 'power-first' approach to data center development, addressing issues of grid strain and energy reliability. The collaboration leverages co-located clean energy and battery storage, and will enable high levels of renewable energy use while minimizing transmission needs. Intersect Power will develop new clean energy assets, with Google functioning as an anchor tenant for these facilities. The initial project is currently in the financing stage, with operations expected to start in 2026 and completion by 2027.
Sectors
- Renewable Energy
- Data Centers
- Technology
Geography
- United States – The project and investment focus primarily on renewable energy infrastructure across the United States.
Industry
- Renewable Energy – The partnership focuses on developing clean energy solutions, highlighting the renewable energy aspects.
- Data Centers – The project involves building data centers powered by renewable energy, emphasizing the data center industry's role in infrastructure development.
- Technology – Google's involvement as a tech giant anchors the technological dimension of this initiative.
Financials
- 20 billion – Investment targeted in renewable energy infrastructure by the end of the decade.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Intersect Power | Target Company | Company | A clean energy company that develops innovative, scalable low-carbon solutions. |
| Buyer | Company | Tech giant acting as the anchor tenant in co-located industrial parks for data centers. | |
| TPG Rise Climate | PE Firm | Company | Investment firm providing financial backing for renewable energy projects. |
| Orrick | Legal Advisor | Company | Legal firm advising Intersect Power on the partnership and transaction. |