Alphabet, Google’s parent company, will acquire data center and clean energy developer Intersect Power for $4.75 billion, also assuming the firm’s debts.
The deal will allow the tech giant to expand its electricity production capabilities, reducing reliance on utility companies struggling to meet the demand from AI firms.
Alphabet previously held a minority stake in Intersect Power. The acquisition includes the firm’s future projects. The transaction is expected to close in the first half of 2026.
New data parks, located near wind, solar, and battery power plants, will begin operations in late 2026. Alphabet will be the primary user.
Securing energy access has become crucial for training and maintaining artificial intelligence operations. Companies are hitting a ceiling—lacking electricity to power vast data centers. Corporations are addressing the issue in various ways.
Meta has planned energy trading to accelerate the construction of new plants in the U.S. Few electricity buyers are willing to commit to the long-term obligations needed to attract investment. The corporation’s solution will enable more such agreements.
In addition to tapping into “traditional” energy sources, Google has planned to conquer space. The corporation will create a satellite system in Earth’s orbit to harness solar energy and power data centers.
Regulators in the U.S. state of Georgia approved a plan allowing Georgia Power to proceed with a project to create new energy production and storage facilities with nearly 10 GW capacity. This will be one of the largest projects in the U.S.
The state’s Public Service Commission unanimously voted to allow Georgia Power to acquire about 9,900 MW of new resources. The company will be able to produce electricity from natural gas, store it in batteries, use solar energy, and engage in purchase agreements over the next few years.
Georgia hosts several major data center operators for mining and high-performance computing. Georgia Power stated that expansion is necessary to meet the “extraordinary” load growth in the state.
The company believes that 80% of the new capacity will cater to data center demands.
Under an agreement with consumer advocates and Commission staff, revenues from new large clients will be used to reduce rates. This will help limit potential bill increases for households and small businesses.
Miners in AI
Miners continue to shift towards AI computing amid declining profitability from their core activities.
Hut 8 signed a 15-year lease agreement worth $7 billion with AI cloud service provider Fluidstack. The development of a data center in Louisiana is planned.
The agreement covers 245 MW of capacity at the Hut 8 River Bend campus in West Feliciana Parish. It includes a right of first offer for Fluidstack on an additional 1,000 MW for future expansions, subject to available electricity at the site.
Hut 8 expects to earn $454 million in average annual net operating income during the contract period.
Construction at the River Bend site will be completed in the second quarter of 2027. Additional facilities will be commissioned later that year.
Fluidstack is becoming an increasingly active partner for miners. In August, it signed a 10-year contract with TeraWulf. With Google’s support, the cryptocurrency miner will provide about 250 MW for a total of $3.7 billion.
Back in September, Google helped facilitate another deal with a bitcoin miner. Cipher Mining leased a data center in Colorado City, Texas, to Fluidstack.