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Alphabet, the parent company of Google, has announced plans to acquire clean energy developer Intersect in an all-cash transaction valued at $4.75 billion, including assumed debt. The move aims to secure large-scale power capacity to support Alphabet’s AI and data centre operations amid rising electricity demand from generative AI and large-scale computing.

Under the agreement, Alphabet will gain ownership of Intersect’s clean energy and data centre projects that are under development or construction. These assets represent approximately $15 billion in value, with projects expected to deliver around 10.8 gigawatts of power capacity by 2028 — a scale surpassing many legacy infrastructure projects.

The acquisition complements Alphabet’s broader energy strategy, which includes partnerships with utility companies such as NextEra to expand power capacity for Google Cloud operations in the United States.

Intersect will continue to operate as a separate entity. Its existing operational assets in Texas and ongoing projects in California will remain independently owned and managed by current investors.

Alphabet had previously invested in Intersect, participating in a funding round exceeding $800 million, supporting plans for industrial parks combining data centres and clean energy facilities.

The acquisition highlights the growing intersection between AI growth and energy infrastructure, as major technology companies increasingly seek to secure reliable, sustainable power for expanding computing needs.

Source: storyboard18.com