Following the $4.75 billion acquisition of AI infrastructure-focused clean energy developer Intersect by Google, the company’s investors announced the spin-out of Intersect’s grid-tied power business to launch IPX Power as a new large scale independent power producer (IPP).
IPX is being launched with some of the largest clean energy resources in the U.S., including a portfolio encompassing 4.4 GW of solar PV and 8.8 GWh of battery storage in construction or operation serving utilities and other customers across California and Texas.
The new clean energy IPP will be led by CEO David Brochu – who joins the company after serving as Founder and CEO of PureGen Power, and previously as CEO of Recurrent Energy – and will also include executives from Intersect, including Chief Financial Officer Nick Pape, Chief Commercial Officer Todd Johansen, and Chief Operating Officer John K. Martinez.
Brochu said:
“I am incredibly proud to stand alongside this world-class organization, whose grit and expertise have created a true powerhouse in the energy sector. Building on this foundation, we are on track to construct and bring to operation billions of dollars in new assets, including the world’s largest battery energy storage system, and gigawatts of new generation.”
IPX will be majority-owned by alternative asset management firm TPG’s climate investing platform TPG Rise Climate, with additional investors including Climate Adaptive Infrastructure, and Greenbelt Capital Partners.
TPG said that the new company will remain focused on co-located solar and battery storage projects, noting that the company has a multi-gigawatt pipeline of solar and battery storage across several high-quality projects in various stages of development.
Steven Mandel, Partner at TPG, said:
“IPX has become a differentiated IPP with some of the largest clean power assets in the U.S. We look forward to continuing our support of IPX as it brings online new gigawatt-scale clean energy to power the next generation economy.”
