Alphabet Inc., the parent company of Google, announced its intention to acquire renewable energy developer Intersect. Google already holds a minority stake in Intersect through a previous funding round, but will now acquire the company for $4.75 billion in cash, plus assumption of debt. This acquisition was previously announced

This acquisition will enable Google to more rapidly develop and add more power generation capacity for its data centers.

This transaction includes Intersect's team and its successful existing partnerships, as well as multiple gigawatt-scale energy and data center projects that are either under development or under construction with Google. Intersect will also explore a range of emerging technologies to increase and diversify energy supply, while supporting Google's data center investments in the United States to meet the needs of its cloud customers and users.

The operations of Intersect will continue to remain independent under the brands of Alphabet and Google. It will work closely with Google's technical infrastructure team to continue preparations for ongoing development and new collaborative projects; this includes the company's first announced joint data center and power station in Haskell County, Texas, which is currently under construction.

Intersect's existing operational assets in Texas, as well as its operational and development assets in California, will not be included in this acquisition. These assets will continue to operate as an independent company, supported by existing investors TPG Rise Climate, Climate Adaptive Infrastructure, and Greenbelt Capital Partners. Intersect anticipates a seamless transition and service continuity for these assets' customers.

"Intersect will help us expand our capacity, synchronize new power production with new data center loads more flexibly, and reimagine energy solutions to drive innovation and leadership in the United States," said Sundar Pichai, CEO of Google and Alphabet.

"Intersect has always been committed to bringing innovation to the industry, and we look forward to accelerating our development on Google's platform," said Sheldon Kimber, founder and CEO of Intersect. "Modern infrastructure is key to the competitiveness of the United States in the field of artificial intelligence. Together with Google, we firmly believe that energy innovation and community investment are pillars that must be relied upon in the future.". ”

The transaction is subject to customary closing conditions and is expected to close in the first half of 2026.