Intersect Power's Innovative Partnership with Google and TPG Rise Climate
Deal News | Dec 10, 2024 | TPG
Intersect Power has announced a strategic partnership with Google and TPG Rise Climate, setting the stage for a transformative approach to data center development and power delivery. This collaboration aims to co-locate data centers with renewable power generation and storage, leveraging a significant $800 million funding round led by TPG and Google. The partnership's goal is to enable gigawatts of new data center capacity throughout the US with a projected $20 billion investment in renewable power infrastructure by 2030. Intersect Power plans to have its first co-located clean energy project operational by 2026 and complete by 2027. This initiative marks an evolutionary shift in data center deployment, focusing on reducing grid burden, maximizing renewable energy use, and spurring local economic growth.
Sectors
- Renewable Energy
- Data Center Infrastructure
- Investment
Geography
- United States – The partnership and development projects are taking place across various locations in the United States.
Industry
- Renewable Energy – The article focuses on renewable power generation and infrastructure investments, as part of a strategic partnership.
- Data Center Infrastructure – The article discusses the development of data centers in conjunction with renewable energy solutions, highlighting advancements in data center infrastructure.
- Investment – The involvement of a $800M funding round indicates significant investment activity in the clean energy and data center sectors.
Financials
- ~$800 million – The funding round to accelerate the partnership's development.
- $20 billion – Targeted investment in renewable power infrastructure by the end of the decade.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Intersect Power | Target Company | Company | Intersect Power is a renewable power provider partnering to develop co-located data center and clean energy projects. |
| TPG Rise Climate | Investor/Partner | Company | TPG Rise Climate is TPG's climate-focused investment strategy, participating in the partnership. |
| Investor/Partner | Company | Google is a major partner in the strategic collaboration to co-locate data center load and clean power generation. | |
| Jim Coulter | Managing Partner of TPG Rise Climate | Person | Founding Partner and Executive Chairman of TPG, involved in climate investing through TPG Rise Climate. |
| Hank Paulson | Executive Chairman of TPG Rise Climate | Person | Former U.S. Treasury Secretary, serving as Executive Chairman for TPG Rise Climate. |