Google has announced it is backing clean energy developer,Intersect Power, along with TPG Rise Climate and other investors. The search engine giant is backing Intersect Power in an over $800 million funding round. The support for Intersect Power is a part of its strategy to enhance its data centre capacity to meet the rising demand for cloud services driven by artifical intelligence.

Also read: Kairos Power and Google Partner to Deploy Advanced Nuclear Power Projects for Clean Energy Goals

A Focus on Clean Energy for Data Centers

The collaboration aims to develop industrial parks that combine large-scale data center capacity with purpose-built clean energy plants. Google intends to ease power grid constraints while reducing project delivery timelines by co-locating data centers with carbon-free energy sources.

This approach will aid the company in meeting the growing energy needs of new technologies like Generative AI.

Also read: Google Partners with energyRe for 12-Year Renewable Energy Agreement

Meeting the Growing Demand for Power

As artificial intelligence technologies continue to rise, the difficulty of electrical systems becomes increasingly difficult. They find it hard to keep pace with the rapidly increasing power needs. The growing demand threatens to derail the country’s already vulnerable power grid.

Google is partnering with Intersect Power and TPG Rise Climate to ensure reliable and clean energy for its data centers.

Google’s Role in Clean Energy and Data Centers

As per the deal, Google will be a key customer for the clean energy produced by Intersect Power’s facilities. The Alphabet Inc. corporation intends to establish new data centres that will immediately utilise the clean energy. The initial phase of the project is set to be up in 2026, with total completion expected i

Intersect Power’s Sustainability Commitment

Founded in 2016, Intersect Power specializes in scalable low-carbon energy solutions. As a portfolio company of TPG Rise Climate, the clean energy company is helping transition industries to more sustainable energy sources.

This partnership further supports the climate goals of both Google and TPG Rise Climate.

Enfinity Global Inc., a renewable energy company has successfully finalized a €165 million finance agreement to construct a portfolio of three utility-scale solar power projects in the Lazio area of Italy. The 147 MW projects, powered by long-term power purchase agreements with a global supplier, will begin operations by 2026.

ING and Rabobank arranged the financing through a club deal structure, acting as lenders and mandated lead arrangers. The deal includes €114 million in non-recourse senior debt, €51 million for VAT financing, and letters of credit (LC) facilities to cover PPAs, photovoltaic modules, and decommissioning costs.

Also read: Enilive Partners with easyJet to Supply Sustainable Aviation Fuel in Italy

Environmental Impact

The new solar portfolio will reduce carbon emissions, cutting approximately 79,500 tons of CO2 annually. The projects align with Enfinity’s commitment to fostering a cleaner, greener future through renewable energy.

Also read: Enfinity Global Secures €500 Million for 1.5 GW Solar Project in Italy

Enfinity’s Ongoing Growth in Italy

Marc Schmitz, Head of Project Finance Europe at Rabobank said, “Rabobank Project Finance congratulates Enfinity on another successful Financial close in Italy, and is very happy to have supported them by providing financing together with ING for this portfolio of 3 solar PV projects in the Lazio region in Italy. Rabobank is excited to work with such an experienced and large renewable energy player acting globally and has enjoyed pleasant, efficient, and professional cooperation.”

He added, “This project further strengthens Rabobank’s ambition to be a leading player worldwide and increases our footprint in Italy. We look forward to supporting their growth strategy globally as they continue to build out their portfolio of renewable energy assets.” 

Additionally, Enfinity secured €865 million in funds to enhance its portfolio of solar PV and storage projects in Italy. With 805 MW of authorized solar projects, the company is Italy’s top independent power producer (IPP), and it has 205 MW of solar power currently in operation. Enfinity is also the market leader in Italy for solar PPAs, having signed 535 MW contracts with utilities like A2A and Statkraft as well as big companies like Feralpi and Nova AEG.