"The acquisition, announced Monday, is intended to give Alphabet's Google access to more power generation for its data centers as aging US grids struggle to meet power demand that's booming for the first time in decades thanks to artificial intelligence, new factories and overall electrification of the economy. Google took a minority stake in the energy provider last year by entering a partnership with Intersect to build big energy plants next to data center campuses, Bloomberg previously reported."
"Intersect will help us expand capacity, operate more nimbly in building new power generation in lockstep with new data center load, and reimagine energy solutions to drive US innovation and leadership, said Sundar Pichai, chief executive officer of Google and Alphabet, in a statement. Intersect is a clean-energy developer backed by private equity firm TPG Inc. The company has been in close touch with hyperscalers this year marketing enormous data center sites in Texas, which Intersect's CEO Sheldon Kimber has called the Disneyland of energy for its abundant wind and solar resources."
Alphabet will acquire Intersect Power for $4.75 billion in cash plus existing debt to increase power generation for data centers. The deal aims to address growing power demand as US grids strain under surging needs from artificial intelligence, new factories, and broader electrification. Google previously held a minority stake and partnered with Intersect to build large energy plants adjacent to data center campuses. Intersect will expand capacity, speed construction of new generation in coordination with data center load, and develop integrated energy solutions. Intersect is backed by TPG and has about $15 billion of assets in operation or construction.
Read at www.mercurynews.com
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