#United States #Austin #Greenbelt Capital #Intersect Power #IPX Power

Greenbelt Capital Partners Finalizes Sale of Intersect Power to Google and Introduces IPX Power

In a significant development within the clean energy landscape, Greenbelt Capital Partners has successfully concluded its sale of Intersect Power to tech giant Google for an impressive $4.75 billion. This agreement underscores a pivotal moment in the evolution of clean energy solutions, marking a notable entry into an era where technology and sustainable energy converge.

A Bold Move in Clean Energy

Greenbelt's transaction not only reflects the increasing emphasis on renewable energy but also facilitates the launch of a new entity: IPX Power. This independent power producer is focused on large-scale clean energy production, establishing itself with a solid structure composed of significant assets across states such as California and Texas. IPX Power will emerge from the strategic carving out of specific Intersect assets, backed further by TPG Rise Climate and Climate Adaptive Infrastructure, indicating a robust support system for its future growth.

The newly formed IPX Power will start its operations with a substantial portfolio that includes around 4.4 gigawatts (GW) of solar photovoltaic (PV) capacity and 8.8 gigawatt-hours (GWh) of battery storage in either construction or operational phases. Additionally, it boasts a notable development pipeline that surpasses multi-gigawatt capacities.

Leadership and Goals

The leadership at IPX will be helmed by seasoned professionals in the energy sector. As articulated by Glenn Jacobson, Managing Partner at Greenbelt Capital Partners, this deal signifies an essential milestone not only for Intersect and IPX but also within the broader clean energy ecosystem. Jacobson highlighted Greenbelt’s pivotal role in the establishment and growth of the Intersect platform since its inception in 2020, noting the strategic value of this transaction in enhancing the strength of the Intersect franchise.