Google closes $4.75bn acquisition of Intersect Power

Google's $4.75 billion acquisition of Intersect Power for over 3 GW of US solar and battery storage projects represents a decisive shift towards direct ownership for its 24/7 carbon-free energy goals. This transaction provides Google with direct control over project development and dispatch, offering a distinct advantage over traditional PPA structures for its data center operations. Intersect Power's existing pipeline, valued at $15 billion in projects and totaling 10.8 GW by late 2028, offers a substantial platform for Google's future internal energy requirements in the US. The outright acquisition structure, announced on March 11, 2026, indicates Google's prioritization of long-term operational integration and supply security for its US data centers. Google, an established offtaker with 7 verified deals, including nearly 1.2 GW of carbon-free energy via PPAs with Clearway, is now deepening its direct asset ownership. This $4.75 billion transaction contrasts with Google's prior PPA approach, indicating a strategic move towards internalizing renewable energy supply for its data center sector needs. Intersect Power, a US-based developer, contributes a proven track record with $15 billion in projects operating or under construction, targeting 10.8 GW by late 2028. This acquisition provides Intersect Power with a significant exit for its developed assets and leverages its expertise in large-scale renewable energy and data center infrastructure development.