10:20 AM EST, 12/10/2024 (MT Newswires) -- Alphabet's (GOOG, GOOGL) Google ( GOOG ) and TPG Rise Climate led a funding round that raised more than $800 million for Intersect Power, the clean energy company said Tuesday.

The parties are also collaborating to build industrial parks in the US with gigawatts of data center capacity next to clean energy plants to reduce the timeline to operation and the amount of new transmission required, Google ( GOOG ) and Intersect added.

Under the terms, Intersect will construct new clean energy facilities while the technology giant will provide offtake through newly built data center campuses as anchor tenant in co-located industrial parks, Intersect said, adding it targets $20 billion in renewable power infrastructure investment by the end of the decade.

The first co-located clean energy project is anticipated to be operational by 2026 and fully completed in 2027, according to Google ( GOOG ) and Intersect.

Intersect Power is a portfolio company of TPG Rise Climate. Other investors that participated in the funding round were Climate Adaptive Infrastructure and Greenbelt Capital Partners, Intersect said.

Alphabet's stock rose over 5% in recent Tuesday trading.

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