MILL VALLEY, Calif.–(BUSINESS WIRE)–Climate Adaptive Infrastructure (“CAI”), a leading investment firm focused on energy decarbonization and sustainable water infrastructure, today announced its follow-on funding of Intersect Power (Intersect). In the more than $800M round, led by TPG Rise Climate, CAI joins additional investors Google and Greenbelt Capital Partners in supporting Intersect’s strategic work to deliver transformative clean energy projects that decarbonize the existing power grid.
As the first outside investor in Intersect, CAI first funded the company in 2020, understanding the company’s potential to enable pathways that link clean electricity and the broader economy through transformative clean energy projects that decarbonize the existing power grid. CAI’s continued investment in Intersect is part of the firm’s category-defining strategy to fund breakthrough companies and platforms to enable global decarbonization. Other CAI investments include Rye Development, a leading U.S. hydropower developer, Sentinel Energy Center, a critical energy stabilization asset, Switch, a 100% renewably powered data center platform and Upwell Water’s sustainable water delivery platform.
The new funding in Intersect comes at a pivotal time for the company in furthering its vision, as the company also announced a strategic partnership with Google and TPG Rise Climate to provide scaled renewable power and storage solutions to new data centers. As AI drives increasing energy capacity demand, innovative solutions that support growing data center capacity while reducing the strain on the grid are critical. Intersect is already financing the partnership’s first co-located clean energy project, which is expected to be operational in 2026 and fully complete by 2027.
Sheldon Kimber, Founder and CEO of Intersect Power added, “Bill and the CAI team’s understanding and commitment to Intersect’s mission has been there since our earliest days. “To have their continued support as we advance our vision with significant projects like we’re announcing today speaks to CAI’s deep understanding of the pathways for long term economic impact as we decarbonize the energy grid.”
“When CAI first invested in Intersect in 2020, we saw an opportunity to continue a partnership that began in 2017 and launched a breakthrough company and team with a vision to transform how we decarbonize the energy grid. Since then, Intersect has made a lasting impact on the infrastructure and economy of the United States,” said Bill Green, Founder and Managing Partner at Climate Adaptive Infrastructure. “Our belief in the team and their vision continues to grow exponentially as they have executed on their blueprint, project by project and partnership by partnership. Their work announced today with TPG and Google will accelerate their measurable impact and provide pathbreaking new approaches to the challenge of deep decarbonization of digital infrastructure.
About Intersect Power
Intersect Power is a clean energy company bringing innovative, scalable, and American-made, low-carbon solutions to its customers in global energy markets. We develop, own, and operate some of the world’s largest grid-tied clean energy resources, as well as co-located facilities for large industrial loads including data centers, e-fuels, and other energy intensive products.
Intersect is laser-focused on the largest, most transformative clean energy projects that decarbonize the existing power grid and bring new loads to clean generation without the need for new transmission. Intersect is redefining the scope of the clean energy industry by enabling new pathways between clean electricity and the broader economy.
We have a base portfolio of 2.2 GW of operating solar PV and 2.4 GWh of battery storage in operation or construction, representing ~$4B in capital investments. We will break ground on an additional 4 GW of solar PV and 10 GWh of battery storage representing ~$9B of assets in 2025.
To learn more, visit www.intersectpower.com
About Climate Adaptive Infrastructure
Founded in 2019, Climate Adaptive Infrastructure (“CAI”) is an infrastructure investment firm specializing in low-carbon real assets in the energy, water and urban infrastructure sectors. The firm seeks investments across core infrastructure assets that improve the sustainability and quality of life for the world’s large and growing population. CAI selects, finances, constructs and manages its investments using climate screens and metrics designed to enhance investment returns and reduce carbon emissions. For more information, please visit: https://www.climateadaptiveinfra.com/
