Intersect Power has announced a strategic partnership with Google and TPG Rise Climate aimed at delivering renewable energy and storage solutions for new data centres.
By co-locating data centres with clean electricity and battery storage, the initiative aims to achieve high renewable energy usage while minimising transmission needs over long distances.
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Intersect Power is targeting a $20bn investment in renewable power infrastructure by 2030 as part of the partnership.
The partnership’s “power-first” approach seeks to enhance infrastructure deployment speed, reduce grid burden and improve energy reliability and affordability.
Intersect Power CEO and founder Sheldon Kimber stated: “This partnership is an evolution of the way hyperscalers and power providers have previously worked together. We can and are developing innovative solutions to expand data centre capacity while reducing the strain on the grid.
“Deep, collaborative partnerships combined with creative problem-solving are the only way that we can meet the explosion of AI growth, as well as society’s accelerating electricity demand.”
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By GlobalDataIntersect Power will build clean energy assets, with Google serving as the primary customer by securing offtake through its newly established data centre campuses located within shared industrial parks.
The campuses will bring new generation capacity to the grid, aligning with Google’s energy needs.
Google global head of data centre energy Amanda Peterson Corio stated: “To realise AI’s potential, the growth in electricity demand must be met with new, clean power sources. The scale of AI presents an opportunity to completely rethink data centre development — by co-locating them where possible with the grid-connected carbon-free energy that keeps them up and running.
“We’re bringing this opportunity to life by combining pioneers at the intersection of data centres and clean energy development to synchronise load growth with new power generation in a novel way. We hope to replicate this model in multiple markets across the US and around the world.”
Intersect Power has also secured more than $800m in a funding round led by TPG Rise Climate and Google, with Climate Adaptive Infrastructure and Greenbelt Capital Partners participating.
TPG Rise Climate managing partner Ed Beckley stated: “By aligning capital, innovation and ambition, we expect this partnership to achieve unprecedented scale at our first co-located project, and we have set ourselves on a course to deliver several more large-scale co-located data centres and clean energy power plants across the US.”
Morgan Stanley & Co acted as the financial advisor for the transaction.
