A six-year arc: from a mid-stage development pipeline to one of the largest renewable-and-storage platforms in the United States.
“The unlock was to be able to finance these projects. To raise project financing in this sector, you need safe visibility into cash flows. So we focused on delivering a portfolio of assets, appropriately hedged, instead of a single asset with a long-term off-take.”
Glenn Jacobson · Managing Partner, Greenbelt CapitalSix years. Multiple capital events. A continuing chapter.
We met the team while evaluating a wide field of renewable developers — and recognized that the Intersect view (dynamically managed offtake and portfolio-scale financing) matched our own. We led the negotiation, structuring, and capital formation, putting them on the path to develop, finance, and own their assets.
Our underwriting centered on the thesis that a portfolio with shorter-term offtake contracts could raise project financing. Mid-2021 we put the financing package into play: $2.6B in project financing, supplied to build the first wave of solar and solar-plus-storage projects.
With the first set of assets in construction and a pipeline behind it, the company raised $750M in additional growth equity to help finance the next series of projects and secured $3.1B of incremental project financing. The growth equity round was subsequently upsized in 2023 with existing investors.
With operating assets and capital in place, we began designing the next leg — building industrial demand on top of generation, capturing margin further up the value chain. The first concept: green hydrogen at gigawatt scale, processed into methanol, then into ammonia. Engineering and supply chains advanced; the off-take market for hydrogen derivatives did not develop the way we expected.
We pivoted the industrial-demand thesis from chemical end-products to compute. Same power, same land, same interconnections — different load. We began designing a gigawatt-scale AI-data-center campus in the Texas Panhandle, and conversations with hyperscalers opened. Q4 2024: a partnership with Google. $250M from Google, $600M from existing investors — $879M total, plus a 20-year off-take and powered-land lease for a separate central-Texas project (the Quantum projects).
Throughout 2025, the company, with the assistance of the Greenbelt team, advanced development on the Panhandle projects while continuing to deepen its relationship with Google. In late 2025, those conversations with Google pivoted toward an acquisition of the company, signed in late December 2025.
In December 2025, Google agreed to acquire Intersect, a move that would enable Google to bring more data center and generation capacity online, faster, while accelerating energy development and innovation. The transaction closed in March 2026. Intersect's existing operating assets in Texas, and its operating and in-development assets in California would continue to operate as an independent company, IPX Power, supported by existing investors Greenbelt Capital Partners, TPG Rise Climate, and Climate Adaptive Infrastructure. As of its closing, the transaction was the fourth-largest acquisition Google had completed.
In March of 2026, following close of the Google Acquisition, IPX Power was launched as a new independent power producer. Backed by TPG Rise Climate, Climate Adaptive Infrastructure, and Greenbelt Capital Partners, IPX debuted with a 4.4 GW solar and 8.8 GWh storage portfolio and a multi-gigawatt pipeline of solar and battery storage across several high-quality projects in various stages of development.
Visit IPX PowerInformation presented for illustrative purposes only. Past performance is not indicative of future results. IPX is a current portfolio company of Greenbelt. Certain statements herein are based on Greenbelt's beliefs and are not intended as statements of fact or any representation that stated outcomes will be achieved.