Alphabet has agreed to acquire data center and energy infrastructure developer Intersect for $4.75 billion in cash, including debt. The deal builds on Google’s existing minority stake in the firm and is designed to accelerate the deployment of power generation capacity to meet the surging energy demands of AI and Google Cloud. 

The transaction includes Intersect’s team and multiple gigawatts of projects currently in development or under construction, including the companies’ first co-located data center and power site in Haskell County, Texas. Intersect will continue to operate as a separate brand within Alphabet led by CEO Sheldon Kimber, partnering closely with Google’s technical infrastructure team to explore emerging energy technologies. 

Notably, Intersect’s existing operating assets in Texas and California are excluded from the acquisition. These assets will remain part of an independent company supported by existing investors TPG Rise Climate, Climate Adaptive Infrastructure, and Greenbelt Capital Partners. 

“Intersect will help us expand capacity, operate more nimbly in building new power generation in lockstep with new data center load, and reimagine energy solutions to drive US innovation and leadership,” said Alphabet CEO Sundar Pichai. 

The transaction is subject to customary closing conditions and is expected to close in the first half of 2026. 

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