Alphabet has announced the acquisition of Intersect Power, a company operating in the clean energy sector, with the goal of meeting Google's increasing artificial intelligence (AI) needs. The deal, valued at $4.75 billion in cash including the company's debt, is considered one of the technology giant's largest acquisitions in recent years.
The move is aimed at meeting the rapidly growing energy demand of Google's data centers. In the US, aging energy grids are struggling to meet the high demand generated by the development of AI, new industrial production, and overall electrification.
Intersect Power, with the support of investment firm TPG, is involved in the development of wind and solar power plants. According to information on the company's website, the total value of its assets in operation or under construction in the US is estimated at approximately $15 billion.