Global Infrastructure SherpaIntersect investors spin out grid-tied power business to launch IPX Power
4.4 GW
Capacity
Following Google's acquisition of Intersect, Intersect's investors spun out its grid-tied power business to launch IPX Power as a new large-scale independent power producer. IPX Power is being launched with a portfolio of 4.4 GW of solar PV and 8.8 GWh of battery storage in construction or operation across California and Texas, with TPG Rise Climate as the majority owner.
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Counterparts (4)
Investor
TPG Rise Climate
TPG Rise Climate is the dedicated climate investing arm of TPG Rise. They focus on investing in climate solutions across a range of sectors to drive decarbonization.
Climate Adaptive Infrastructure
Climate Adaptive Infrastructure (CAI) focuses on investments in essential infrastructure assets that are critical to climate change adaptation and resilience. They target opportunities in water, energy, and transportation sectors.
Greenbelt Capital Partners
Austin-based private equity firm with $1.1 billion in AUM, specializing in control investments across North American digital infrastructure and energy transition sectors. Focuses on fiber, data centers, telecom towers, utility-scale solar, and battery storage.
Developer
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The investors behind Intersect didn't just walk away after Google's acquisition; they immediately launched IPX Power, a new independent power producer. This new entity arrives with a substantial 4.4 GW solar PV and 8.8 GWh battery storage portfolio already under construction or operational in key markets like California and Texas. TPG Rise Climate, known for its dedicated focus on climate solutions and decarbonization, has taken a majority ownership stake, demonstrating strong institutional backing for large-scale hybrid assets. Climate Adaptive Infrastructure also joined, reinforcing the focus on essential, climate-resilient energy infrastructure. This move effectively re-deploys capital from the Intersect exit into a major new platform for grid-tied renewables.
- Spin-out of Intersect's grid-tied power business following Google acquisition.
- Launches with 4.4 GW solar PV and 8.8 GWh battery storage already in construction or operation.
- TPG Rise Climate takes majority ownership, alongside Climate Adaptive Infrastructure and Greenbelt Capital Partners.
- Focus on large-scale hybrid assets in California and Texas.
Timeline
Announced
Mar 11, 2026
Signed
Closed
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