Alphabet Inc (NASDAQ:GOOG) said on Monday it would acquire clean energy developer Intersect Power for $4.75 billion in cash, plus the assumption of existing debt, in one of the company’s largest moves yet to secure electricity supplies for its fast-growing artificial intelligence data centers.
The deal underscores mounting pressure on US power grids as surging demand from AI computing strains existing infrastructure, pushing major technology firms to lock in long-term energy access.
Intersect Power, which focuses on clean energy solutions tailored for data centers, said it has about $15 billion of energy assets in operation or under construction in the US, including battery storage and solar projects.
Alphabet’s move places it among a growing list of tech companies acquiring or partnering with power providers to fuel AI-driven growth, as access to reliable and scalable electricity becomes a competitive advantage.
Shares of Alphabet rose about 0.5% in afternoon trading on Monday.