Google parent company Alphabet has agreed to buy Intersect Power, a data center and clean energy developer $4.75 billion cash As well as the assumption of the company’s debt.
The acquisition, which was announced on Monday, will help Alphabet expand its power generation capacity with new data centers without relying on local utilities that are struggling to meet demand from AI companies. Securing access to the energy that powers data centers has become a critical part of training AI models.
Alphabet previously had a minority stake in Intersect Power, following the lead of Google and TPG Rise Climate $800 million A strategic funding round took place in the company last December. That partnership targets a total investment of $20 billion by 2030.
The acquisition covers Intersect’s future development projects, but excludes its existing operations, which will be purchased by other investors and managed as a separate company.
Intersect’s new data park, essentially located next to wind, solar and battery power, is expected to be operational late next year and fully completed by 2027. Google said When it announced its minority investment.
The transaction is expected to be completed in the first half of next year.
Google will be the primary user. However, Intersect’s campuses are designed as industrial parks that can host AI chips from Google as well as other companies.
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