Alphabet to Acquire Intersect Power for $4.75 Billion to Expand Energy Capacity

Alphabet has agreed to acquire Intersect, a data center and energy infrastructure company, for $4.75 billion in cash plus the assumption of debt, announced in a press release. The acquisition is expected to close in the first half of 2026, pending customary conditions.

The deal includes Intersect’s team and multiple gigawatts of energy and data center projects in development or under construction. Intersect will continue to operate independently under its existing brand, led by CEO Sheldon Kimber, while partnering closely with Google’s technical infrastructure division on new and ongoing projects.

Intersect’s current operating assets in Texas and its operating and in-development assets in California are excluded from the transaction and will remain with existing investors, including TPG Rise Climate, Climate Adaptive Infrastructure, and Greenbelt Capital Partners. Intersect will continue to manage those assets as an independent company.

According to Alphabet, the acquisition will expand data center and energy generation capacity more quickly and support its U.S. data center investments. The companies’ first co-located data center and power facility, located in Haskell County, Texas, is already under construction.