IPX Power, a carve-out of Intersect, is a large-scale clean energy producer with assets across California and Texas

AUSTIN, Texas and NEW YORK, March 10, 2026 /PRNewswire/ -- Greenbelt Capital Partners ("Greenbelt") today announced it has completed the sale of Intersect Power to Google for $4.75 billion plus the assumption of debt, representing a landmark transaction in the evolution of one of the nation's leading clean energy platforms. Concurrent with the closing, IPX Power ("IPX" or "the Company") has launched as an independent power producer carved out of certain Intersect assets and backed by Greenbelt Capital Partners alongside TPG Rise Climate and Climate Adaptive Infrastructure.

IPX is led by a seasoned management team and begins operations with a substantial portfolio of clean energy assets across California and Texas, including approximately 4.4 GW of solar PV and 8.8 GWh of battery storage in construction or operation, as well as a multi-gigawatt development pipeline. The Company will continue to develop, own, and operate utility-scale clean energy projects serving utilities, community choice aggregators, corporate buyers, and other energy customers.

"Today marks an important milestone for Intersect, IPX, and the broader clean energy ecosystem. We are extremely proud of the leading role Greenbelt has played in helping build and scale the Intersect platform since its inception in 2020," said Glenn Jacobson, Managing Partner of Greenbelt Capital Partners. "The successful closing with Google underscores the strength and strategic value of the Intersect franchise and the dynamic leadership of its CEO, Sheldon Kimber. As a standalone company, IPX can focus on scaling its operating fleet and development pipeline as a well-capitalized independent power producer with a premier portfolio of solar and storage assets. We look forward to continuing to support IPX as it delivers reliable, affordable clean power at scale."

Sheldon Kimber, Founder and CEO of Intersect Power, added, "Greenbelt has been an exceptional partner throughout this journey. Their strategic insight, disciplined execution, and deep understanding of the energy markets were instrumental in positioning Intersect for this landmark transaction. We are grateful for their partnership and excited to see IPX continue building on this foundation."

Andy Hopping, Partner at Greenbelt Capital Partners, said, "Greenbelt is proud to remain an active investor in and strategic partner to IPX and its outstanding team as the Company executes on its next phase of growth. With a strong operating base, significant solar and storage capacity, and a deep development pipeline, IPX is well positioned to help meet the accelerating demand for reliable, grid-scale clean energy across the United States."

About Greenbelt Capital Partners

Greenbelt Capital Partners is a private equity firm with offices in Austin, TX, and New York, NY. The firm focuses on investing in leading companies that are enabling the transition to a more resilient and electrified energy future. With over $3 billion in assets under management, Greenbelt aims to partner with exceptional management teams to drive growth and build lasting value across its portfolio. The senior team at Greenbelt has committed over $6 billion of equity capital across multiple portfolio companies and completed over $80 billion of M&A and financings across more than 280 transactions. For more information, please visit https://www.greenbeltcapital.com/.

Contact:

LLYC
Joanne Lessner
212-222-7436
joanne.lessner@llyc.global 

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SOURCE Greenbelt Capital Partners