TPG Completes $4.75 Billion Sale of Intersect to Google; Launches IPX Power as Independent Entity
TPG has finalized the sale of Intersect to Google for $4.75 billion, including debt assumption. This acquisition follows a partnership formed in December 2024 and leads to the spin-off of Intersect's grid-tied power business, now IPX Power, backed by TPG Rise Climate. IPX will focus on solar and battery storage projects, managing 4.4 GW of solar PV and 8.8 GWh of battery capacity across California and Texas. The combined enterprise value of the transactions is $12 billion.
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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.
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