Intersect Power Forms Strategic Partnership with Google and TPG Rise Climate to Co-Locate Data Center Load and Clean Power Generation

Collaboration accelerates the evolution of data center development and power provision, reducing costs, increasing reliability, and supporting local economic development

New ~$800M funding round led by TPG and Google will accelerate partnership’s development

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San Francisco, CA — December 10, 2024 — Intersect Power, LLC (“Intersect Power” or “Intersect”) announced today a strategic partnership with Google and TPG Rise Climate (“TPG”) to provide scaled renewable power and storage solutions to new data centers. The partnership is designed to deliver gigawatts of new data center capacity across the US with Intersect Power catalyzing a targeted $20 billion in renewable power infrastructure investment by the end of the decade. Intersect Power has already begun financing the partnership’s first co-located clean energy project, which is expected to be operational in 2026 and fully complete by 2027.

This innovative ‘power-first’ approach to data center development represents an evolved model for significantly increasing speed of infrastructure deployment, easing grid burden, and improving overall reliability and affordability for energy customers. By co-locating data center load with large amounts of high capacity factor, low-cost, clean electricity, and added battery storage, data centers can achieve high percentages of renewable energy while reducing the transmission required to connect generation to load over longer distances.

“This partnership is an evolution of the way hyperscalers and power providers have previously worked together. We can and are developing innovative solutions to expand data center capacity while reducing the strain on the grid,” said Sheldon Kimber, CEO and Founder of Intersect Power. “Deep, collaborative partnerships combined with creative problem-solving are the only way that we can meet the explosion of AI growth, as well as society’s accelerating electricity demand.”

“To realize AI’s potential, the growth in electricity demand must be met with new, clean power sources. The scale of AI presents an opportunity to completely rethink data center development — by co-locating them where possible with the grid-connected carbon-free energy that keeps them up and running,” said Amanda Peterson Corio, Global Head of Data Center Energy at Google. “We’re bringing this opportunity to life by combining pioneers at the intersection of data centers and clean energy development to synchronize load growth with new power generation in a novel way. We hope to replicate this model in multiple markets across the U.S. and around the world.”

“Meeting the energy and computing demands of our next generation economy is necessitating the development of new models and partnerships,” said Jim Coulter, Executive Chairman of TPG and a Managing Partner of TPG Rise Climate. “By aligning capital, innovation, and ambition, we expect this partnership to achieve unprecedented scale at our first co-located project, and we have set ourselves on a course to deliver several more large scale co-located data centers and clean energy power plants across the US,” added Ed Beckley, a Managing Partner of TPG Rise Climate.

Under the terms of the partnership, Intersect Power will build new clean energy assets, with Google providing offtake via newly constructed data center campuses as an anchor tenant in co-located industrial parks. Once built, the Google data center would come online alongside its own clean power, bringing new generation capacity to the grid to meet its own load.

To further its vision throughout the U.S., Intersect Power also announced a more than $800 million funding round led by TPG Rise Climate and Google, with participation from Climate Adaptive Infrastructure and Greenbelt Capital Partners. Morgan Stanley & Co. LLC acted as financial advisor on the transaction.

In close coordination with grid planners, operators, and communities, the companies will continue to develop local clean energy resources that support rural economic development for both landowners and the local community through job creation, increased tax revenue, and support of local non-profit organizations.

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About Intersect Power

Intersect Power is a clean energy company bringing innovative, scalable, and American-made, low-carbon solutions to its customers in global energy markets. We develop, own, and operate some of the world’s largest grid-tied clean energy resources, as well as co-located facilities for large industrial loads including data centers, e-fuels, and other energy intensive products.

Intersect is laser-focused on the largest, most transformative clean energy projects that decarbonize the existing power grid and bring new loads to clean generation without the need for new transmission. Intersect is redefining the scope of the clean energy industry by enabling new pathways between clean electricity and the broader economy.

We have a base portfolio of 2.2 GW of operating solar PV and 2.4 GWh of battery storage in operation or construction, representing ~$4B in capital investments. We will break ground on an additional 4 GW of solar PV and 10 GWh of battery storage representing ~$9B of assets in 2025.

To learn more, visit www.intersectpower.com.