Google is set to acquire Intersect Power, a US-based data center and energy infrastructure developer, for $4.75 billion.

The deal will see the hyperscaler's parent company Alphabet purchase Intersect's entire portfolio of in-development and under-construction assets, which comprise several gigawatts of energy and data center projects.

“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. We look forward to welcoming Sheldon and the Intersect team,” said Sundar Pichai, CEO of Google and Alphabet.

Intersect will remain a separate entity from Alphabet and Google. Its existing operating assets in ‍Texas, and ⁠its operating and in-development assets in California, will not ⁠be part of the acquisition. The assets will instead operate as an independent entity.

Following the deal, it has been reported that Interesect will explore a range of emerging technologies to increase and diversify its energy supply. Intersect CEO Sheldon Kimber will continue to head the company. The company will, in turn, partner with Google’s technical infrastructure team to continue work on in-development and new joint projects. This includes the previously announced colocated data center project and energy site currently under construction in Haskell County, Texas.

“Intersect has always been focused on bringing innovation to the industry, and we look forward to accelerating at scale as part of Google,” said Sheldon Kimber, founder and CEO, Intersect. “Modern infrastructure is the linchpin of American competitiveness in AI. We share Google’s conviction that energy innovation and community investment are the pillars of what must come next.”

Intersect Power is a US-based clean energy company with a portfolio of 2.2GW of operating solar PV and 2.4GWh of battery storage in operation or construction – mostly in Texas and California. The company first partnered with Google last year to develop colocated renewable power and storage technologies with new data centers across the US.

As part of the original deal, Intersect agreed to construct clean energy assets with Google as the offtaker via new data center campuses and as an anchor tenant in colocated industrial parks. Google plans to deliver gigawatts of new data center capacity across the US as part of the partnership.