Orrick, Herrington & Sutcliffe LLP
12/13/2024 | Press release | Distributed by Public on 12/13/2024 09:58
Data Centers and Renewable Energy: Intersect Power Partners with Google and TPG Rise Climate
Intersect Power has entered a strategic partnership with Google and TPG Rise Climate to provide scaled renewable energy and storage solutions to new data centers.
Orrick represented Intersect Power.
The collaboration will facilitate the deployment of gigawatts of new data center capacity across the United States, with Intersect Power catalyzing a targeted $20 billion investment in renewable energy infrastructure by the end of the decade.
The partnership's first co-located clean energy project has entered the financing stage and is expected to begin operations in 2026, with fully complete by 2027.
THE COMPANY
Intersect Power is a clean energy company bringing innovative, scalable and American-made low-carbon solutions to its customers in global energy markets. The company develops, owns and operates some of the world's largest grid-tiered clean energy resources, as well as co-located facilities for large industrial loads including data centers, e-fuels and other energy intensive products.
THE IMPACT
This innovative 'power-first' approach to data center development represents an evolved model for accelerating infrastructure deployment, alleviating grid strain and enhancing energy reliability and affordability. By co-locating data center loads with large-scale clean energy and added battery storage, data centers can achieve high levels of renewable energy use while reducing the transmission needed to connect generation to load over long distances.
"This partnership is an evolution of the way hyperscalers and power providers have previously worked together. We can and are developing innovative solutions to expand data center capacity while reducing the strain on the grid," said Sheldon Kimber, CEO and Founder of Intersect Power.
"Deep, collaborative partnerships combined with creative problem-solving are the only way that we can meet the explosion of AI growth, as well as society's accelerating electricity demand."
Under the terms of the partnership, Intersect Power will develop new clean energy assets, with Google committing to offtake through newly built data center campuses, serving as the anchor tenant in co-located industrial parks.
Upon completion, the Google data center will begin operations alongside its clean power, adding new generation capacity to the grid to meet its own energy needs.
THE TEAM
Kristin Seeger led the Orrick team advising Intersect Power. The team included David Gold, Giji John, Lisa van Velsor, Brandon Sanders, Justin Montis, Kelly Choo and Cory Lankford.
Orrick offers comprehensive solutions for data center developers, operators and investors, having advised on 25+ data center financings and other transactions-including 6 landmark PPAs-in 20 countries over the past 15 months.