Alphabet Acquires Intersect Power for $4.75 Billion

Alphabet Inc., the parent company of Google, announced on Monday an agreement to acquire Intersect Power, a San Francisco-based developer of data centers and clean energy infrastructure, for $4.75 billion in cash plus the assumption of the company's existing debt. The deal, expected to close in the first half of 2026, aims to bolster Alphabet's ability to secure reliable power sources for its expanding network of data centers, which are essential for training and running artificial intelligence models.

Intersect Power, founded in 2016 and led by CEO Sheldon Kimber, specializes in creating energy solutions tailored to data centers, including sites colocated with wind, solar, and battery storage facilities. The company currently has $15 billion in assets either in operation or under construction across the United States. Alphabet previously acquired a minority stake in Intersect last December through an $800 million funding round led by Google and the private equity firm TPG Rise Climate, with plans for a total investment of $20 billion by 2030.

Under the terms of the acquisition, Intersect will continue to operate as an independent entity under its own brand, partnering closely...