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TPG has completed the $4.75 billion sale of Intersect to Google, which includes debt assumption, following a strategic partnership announced in December 2024. As part of the transaction, Intersect's grid-tied power business has been spun off to form IPX Power, which is primarily funded by TPG Rise Climate.

IPX will focus on co-located solar and battery storage projects, currently overseeing 4.4 GW of solar PV and 8.8 GWh of battery storage in California and Texas. The total enterprise value of the transactions involving Intersect and IPX is $12 billion. Intersect will continue under CEO Sheldon Kimber, collaborating on a data center project in Haskell County, Texas.