TPG Exits Intersect Stake to Google for $4.75 Billion, Spins Off IPX Power
Event summary
- TPG completed the sale of its stake in Intersect to Google for $4.75 billion, including debt assumption.
- The transaction follows a strategic partnership initiated in December 2024 and finalized on December 22, 2025.
- Intersect’s grid-tied power business was spun off into IPX Power, backed by TPG Rise Climate.
- IPX Power operates 4.4 GW of solar PV and 8.8 GWh of battery storage across California and Texas.
The big picture
TPG’s exit from Intersect underscores the growing convergence of tech and clean energy sectors, as hyperscalers like Google seek sustainable solutions for their expanding data center footprints. The spin-off of IPX Power highlights TPG’s strategy to capitalize on the increasing demand for co-located solar and battery storage projects, positioning itself as a key player in the transition infrastructure space.
What we're watching
- Strategic Alignment
- How Google will integrate Intersect’s capabilities to meet its data center capacity demands with clean energy solutions.
- Market Expansion
- The pace at which IPX Power can scale its grid-tied clean energy projects beyond California and Texas.
- Investment Strategy
- Whether TPG Rise Climate’s focus on climate investing will yield similar high-value exits in the future.
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