Intersect investors spin out grid-tied power business to launch IPX Power

The launch of IPX Power, a new US utility-scale hybrid power developer, represents a strategic carve-out by Intersect investors to create a dedicated platform for grid-tied solar and battery storage assets. This new entity immediately controls a 1.2 GW operational portfolio, valued at $500 million, providing a substantial revenue-generating base from day one. The commercial logic centers on establishing a focused vehicle to develop and operate an additional 4.4 GW of hybrid capacity, streamlining capital allocation and operational expertise for these specific assets. This structure allows IPX Power to aggressively pursue growth in the US power generation sector, distinct from its original parent's broader activities. The investor consortium brings significant capital and strategic alignment to IPX Power's mission. TPG Rise Climate, a dedicated climate investing arm, expands its decarbonization portfolio with a substantial US hybrid power platform. Climate Adaptive Infrastructure (CAI) secures essential energy infrastructure assets, reinforcing its focus on climate change adaptation and resilience. Greenbelt Capital Partners, an Austin-based private equity firm with $1.1 billion in AUM, makes a control investment that deepens its exposure to the North American energy transition sector. IPX Power, as the newly formed developer, immediately gains operational scale with 1.2 GW and a robust 4.4 GW development pipeline, positioning it as a major participant in the US utility-scale hybrid market following its March 11, 2026, announcement.