From pv magazine USA
Alphabet Inc. (Google) has entered a definitive agreement to acquire Intersect Power, a California-based developer of utility-scale solar and battery energy storage systems.
The transaction totals approximately $4.75 billion in cash and the assumption of debt. The deal is expected to close in the first half of 2026.
Under Google, Intersect Power is expected to focus on “energy parks” that co-locate hyperscale datacenters with generation and battery energy storage assets. The “behind-the-meter” approach to bringing solar and storage onsite helps mitigate public grid congestion and interconnection delays, making solar and storage a weapon in Big Tech’s arsenal to scale more rapidly than the conventional utility-operated grid can allow.
The massive acquisition represents the first instance of a Big Tech firm directly acquiring a major renewable energy developer rather than executing power purchase agreements.
Intersect Power currently managed $15 billion in assets either in operation or under construction and has a portfolio of 2.2 GW of solar and 2.4 GWh of battery energy storage. By 2028, Intersect expects to have roughly 10.8 GW of capacity online or in development.
The company has secured a 2.4 GW solar module supply deal with U.S. manufacturer First Solar through 2026. It also signed an agreement with Tesla in 2024, securing 15.3 GWh of Tesla Megapacks through 2030.
Google’s energy park development strategy includes the Quantum Clean Energy Project in Haskell County, Texas. The site features 640 MW of solar and 1.3 GWh of battery storage built alongside a new data center campus. The project is slated to be completed in late spring 2026.
Intersect will continue to operate as an independent subsidiary under the Intersect brand, led by founder and chief executive officer Sheldon Kimber.
Google projected its 2026 capital expenditures for AI infrastructure to reach between $91 billion and $93 billion, up from $52.5 billion in 2024.
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