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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-alphabet-acquire-intersect-4-7-billion/" target="_blank" rel="noopener">Mercom Capital Group</a>
Alphabet, the parent company of Google, entered into a definitive agreement to <a href="https://mercomcapital.com/googles-parent-company-alphabet-to-acquire-intersect-for-4-7-billion/" target="_blank" rel="noopener">acquire</a> Intersect, a data center and energy infrastructure solutions provider, for $4.75 billion in cash, plus the assumption of debt. The acquisition will allow more data center and generation capacity to come online faster. Google already owns a minority stake in Intersect from a previously announced funding round.
Fuse Energy, a renewable energy and EV charging solutions provider, has <a href="https://mercomcapital.com/fuse-energy-secures-70-million-in-series-b-funding/" target="_blank" rel="noopener">secured</a> $70 million in Series B funding led by Balderton and Lowercarbon Capital. The investment has increased the company’s valuation to $5 billion and is expected to accelerate the expansion of the energy network, scaling grids across global markets and launching supply operations in countries such as the U.S., Ireland, and Spain.
Guoxia Technology, a China-based company that provides AI-driven energy storage products and renewable energy solutions, has <a href="https://mercomcapital.com/energy-storage-company-guoxia-technology-announces-hong-kong-ipo-listing/" target="_blank" rel="noopener">announced</a> its listing on the main board of the Hong Kong Stock Exchange (HKEX) under the stock code 02655.HK, raising approximately $78 million.  According to the company, the funds raised will primarily be used to advance research and development of core AI-based smart energy storage technologies, establish an overseas operations and service network, and increase product production capacity.
Otovo, a home energy service provider in the U.S. and Europe, has <a href="https://mercomcapital.com/otovo-acquires-select-assets-of-soly-holding/" target="_blank" rel="noopener">entered</a> into a definitive agreement to acquire select assets of Soly Holding, a Netherlands-based residential solar company with operations across the Netherlands, Belgium, Germany, Austria, Italy, and the U.K. The transaction is expected to close in December 2025, subject to final documentation, with no regulatory approvals required.
Inox Clean Energy has announced it is acquiring renewable energy platform Vibrant Energy from Macquarie Corporate Holdings and its other shareholders. Inox has <a href="https://www.mercomindia.com/inox-clean-to-acquire-macquarie-owned-vibrant-energy" target="_blank" rel="noopener">signed</a> definitive agreements for the acquisition. Standard Chartered Bank was the exclusive advisor to Macquarie Group on this transaction. The companies did not disclose the deal value. Vibrant Energy has a portfolio of 1.3 GW of renewable energy projects out of which 800 MW is operational.
Waaree Energies’ subsidiary, Waaree Solar Americas, will <a href="https://www.mercomindia.com/waaree-to-buy-stake-in-polysilicon-manufacturer-united-solar-for-30-million" target="_blank" rel="noopener">buy</a> 53,68,551 Series B shares of polysilicon manufacturer United Solar Holding for $30 million. The proposed investment, for which the two companies signed a binding term sheet, will help strengthen Waaree’s long-term, secure, and fully traceable polysilicon supply chain to support its expanding U.S. and global manufacturing footprint.
Module manufacturer Alpex Solar’s board of directors has approved <a href="https://www.mercomindia.com/alpex-solar-to-raise-%E2%82%B91-25-billion-through-issue-of-debentures" target="_blank" rel="noopener">raising</a> ₹1.25 billion (~$13.8 million) through the issuance of secured, redeemable, unlisted, unrated, and non-convertible debentures (NCDs). Alpex will issue 12,500 NCDs, each with a face value of ₹100,000 (~$1,107.83). The NCDs will carry a coupon rate of 14.75% per annum, payable monthly. The NCDs carry an extra layer of security in the form of subservient charges.
The board of directors of renewable energy solutions provider KPI Green Energy has approved a proposal to <a href="https://www.mercomindia.com/kpi-green-to-raise-%E2%82%B94-75-billion-from-promoter-group-quyosh-energia" target="_blank" rel="noopener">raise</a> ₹4.75 billion (~$52.99 million) by issuing 10.1 million fully convertible equity warrants to the promoter group entity Quyosh Energia. Quyosh Energia holds 500 shares of KPI Green Energy, and after the full conversion of warrants, its shareholding in KPI Green would rise to 4.87%.
Waste management agency GEM Enviro Management’s board of directors has <a href="https://www.mercomindia.com/gem-enviro-acquire-majority-stake-solluz-energy-50-million" target="_blank" rel="noopener">approved</a> the acquisition of a 50.10% equity stake in Solluz Energy for a cash consideration of ₹50 million (~$550,087). The acquisition will be executed through a share subscription agreement and is expected to be completed on or before January 31, 2026, subject to customary approvals and conditions. GEM Enviro plans to expand its footprint in the renewable energy segment with this acquisition.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors, click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.
Read last week’s funding <a href="https://www.mercomindia.com/funding-and-ma-roundup-sun-king-secures-40-million" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Alphabet to Acquire Intersect for $4.7 Billion

Alphabet, the parent company of Google, entered into a definitive agreement to <a href="https://cms.mercomindia.com/googles-parent-company-alphabet-to-acquire-intersect-for-4-7-billion/" target="_blank" rel="noopener">acquire</a> Intersect, a data center and energy infrastructure solutions provider, for $4.75 billion in cash, plus the assumption of debt. The acquisition will allow more data center and generation capacity to come online faster. Google already owns a minority stake in Intersect from a previously announced funding round.
Fuse Energy, a renewable energy and EV charging solutions provider, has <a href="https://cms.mercomindia.com/fuse-energy-secures-70-million-in-series-b-funding/" target="_blank" rel="noopener">secured</a> $70 million in Series B funding led by Balderton and Lowercarbon Capital. The investment has increased the company’s valuation to $5 billion and is expected to accelerate the expansion of the energy network, scaling grids across global markets and launching supply operations in countries such as the U.S., Ireland, and Spain.
Guoxia Technology, a China-based company that provides AI-driven energy storage products and renewable energy solutions, has <a href="https://cms.mercomindia.com/energy-storage-company-guoxia-technology-announces-hong-kong-ipo-listing/" target="_blank" rel="noopener">announced</a> its listing on the main board of the Hong Kong Stock Exchange (HKEX) under the stock code 02655.HK, raising approximately $78 million.  According to the company, the funds raised will primarily be used to advance research and development of core AI-based smart energy storage technologies, establish an overseas operations and service network, and increase product production capacity.
Otovo, a home energy service provider in the U.S. and Europe, has <a href="https://cms.mercomindia.com/otovo-acquires-select-assets-of-soly-holding/" target="_blank" rel="noopener">entered</a> into a definitive agreement to acquire select assets of Soly Holding, a Netherlands-based residential solar company with operations across the Netherlands, Belgium, Germany, Austria, Italy, and the U.K. The transaction is expected to close in December 2025, subject to final documentation, with no regulatory approvals required.
Inox Clean Energy has announced it is acquiring renewable energy platform Vibrant Energy from Macquarie Corporate Holdings and its other shareholders. Inox has <a href="https://www.mercomindia.com/inox-clean-to-acquire-macquarie-owned-vibrant-energy" target="_blank" rel="noopener">signed</a> definitive agreements for the acquisition. Standard Chartered Bank was the exclusive advisor to Macquarie Group on this transaction. The companies did not disclose the deal value. Vibrant Energy has a portfolio of 1.3 GW of renewable energy projects out of which 800 MW is operational.
Waaree Energies’ subsidiary, Waaree Solar Americas, will <a href="https://www.mercomindia.com/waaree-to-buy-stake-in-polysilicon-manufacturer-united-solar-for-30-million" target="_blank" rel="noopener">buy</a> 53,68,551 Series B shares of polysilicon manufacturer United Solar Holding for $30 million. The proposed investment, for which the two companies signed a binding term sheet, will help strengthen Waaree’s long-term, secure, and fully traceable polysilicon supply chain to support its expanding U.S. and global manufacturing footprint.
Module manufacturer Alpex Solar’s board of directors has approved <a href="https://www.mercomindia.com/alpex-solar-to-raise-%E2%82%B91-25-billion-through-issue-of-debentures" target="_blank" rel="noopener">raising</a> ₹1.25 billion (~$13.8 million) through the issuance of secured, redeemable, unlisted, unrated, and non-convertible debentures (NCDs). Alpex will issue 12,500 NCDs, each with a face value of ₹100,000 (~$1,107.83). The NCDs will carry a coupon rate of 14.75% per annum, payable monthly. The NCDs carry an extra layer of security in the form of subservient charges.
The board of directors of renewable energy solutions provider KPI Green Energy has approved a proposal to <a href="https://www.mercomindia.com/kpi-green-to-raise-%E2%82%B94-75-billion-from-promoter-group-quyosh-energia" target="_blank" rel="noopener">raise</a> ₹4.75 billion (~$52.99 million) by issuing 10.1 million fully convertible equity warrants to the promoter group entity Quyosh Energia. Quyosh Energia holds 500 shares of KPI Green Energy, and after the full conversion of warrants, its shareholding in KPI Green would rise to 4.87%.
Waste management agency GEM Enviro Management’s board of directors has <a href="https://www.mercomindia.com/gem-enviro-acquire-majority-stake-solluz-energy-50-million" target="_blank" rel="noopener">approved</a> the acquisition of a 50.10% equity stake in Solluz Energy for a cash consideration of ₹50 million (~$550,087). The acquisition will be executed through a share subscription agreement and is expected to be completed on or before January 31, 2026, subject to customary approvals and conditions. GEM Enviro plans to expand its footprint in the renewable energy segment with this acquisition.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors, click <a href="https://cms.mercomindia.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.
Read last week&#8217;s funding <a href="https://cms.mercomindia.com/funding-and-ma-roundup-sun-king-secures-40-million/" target="_blank" rel="noopener">roundup</a>.

<a href="https://abc.xyz/" target="_blank" rel="noopener">Alphabet</a>, the parent company of Google, entered into a definitive agreement to acquire <a href="https://www.intersect.com/" target="_blank" rel="noopener">Intersect</a>, a data center and energy infrastructure solutions provider, for $4.75 billion in cash, plus the assumption of debt.
The acquisition will allow more data center and generation capacity to come online faster. Google already owns a minority stake in Intersect from a <a href="https://www.intersect.com/news/intersect-power-forms-strategic-partnership-with-google-and-tpg-rise-climate-to-co-locate-data-center-load-and-clean-power-generation" target="_blank" rel="noopener">previously announced</a> funding round.
The transaction includes Intersect&#8217;s experienced team, along with multiple gigawatts of energy and data center projects currently in development or under construction, as part of its established partnership with Google. Following the acquisition, Intersect will continue to operate independently under its existing brand and will be led by founder and CEO Sheldon Kimber.
It will partner with Google’s technical infrastructure team, continuing work on in-development and new, joint projects, which include the company’s first announced co-located data center and power site, under construction in Haskell County, Texas.
Intersect&#8217;s current operating assets in Texas, as well as its operating and in-development assets in California, are excluded from the transaction. These assets will remain part of a separate, independent business backed by existing investors TPG Rise Climate, Climate Adaptive Infrastructure, and Greenbelt Capital Partners.
The deal is subject to customary closing conditions and is anticipated to close in the first half of 2026.
&#8220;Intersect will help us expand capacity, operate more nimbly in building new power generation in lockstep with new data center load, and reimagine energy solutions to drive US innovation and leadership. We look forward to welcoming Sheldon and the Intersect team,&#8221; said Sundar Pichai, CEO of Google and Alphabet.
According to Mercom&#8217;s 9M and Q3 2025 Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/9m-q3-2025-solar-funding-ma-report/" target="_blank" rel="noopener">report</a>, in 9M 2025, 76 solar M&amp;A transactions were executed compared to 62 in 9M 2024.
In December, Otovo, a home energy service provider in the U.S. and Europe, <a href="https://cms.mercomindia.com/otovo-acquires-select-assets-of-soly-holding/" target="_blank" rel="noopener">entered</a> into a definitive agreement to acquire select assets of Soly Holding, a Netherlands-based residential solar company with operations across the Netherlands, Belgium, Germany, Austria, Italy, and the U.K.

Google’s Parent Company Alphabet to Acquire Intersect for $4.7 Billion

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					</table><a href="https://www.there100.org/" target="_blank" rel="noopener">RE100</a>, a consortium of over 400 companies committed to using 100% renewable electricity, met 50% of their electricity needs from renewables in 2022, up from 49% in 2021, according to a recent report.
The RE100 annual disclosure report 2023 analyzes responses from 382 out of 403 member companies. Most companies reported data for the January-December 2022 period.
The group of companies, which consumed more electricity than France did in 2020, or about 1.7% of global power generation, said its annual footprint has grown by more than 100 terawatt hours (TWh) to 481 TWh, with 72 TWh growth driven by new membership mainly from Asia.
<img loading="lazy" decoding="async" class="aligncenter wp-image-65998 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Screenshot-2024-05-06-183534.png" alt="RE100 share of renewable electricity" width="566" height="286" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Screenshot-2024-05-06-183534.png 566w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Screenshot-2024-05-06-183534-300x152.png 300w" sizes="auto, (max-width: 566px) 100vw, 566px" />
Source: RE100
However, the average target year for the group moved into the future, with the trend expected to continue as the initiative focuses its recruitment on challenging markets for renewable energy procurement. The average target year now is 2035 from 2031 previously.
The report said 25 companies revised their voluntary renewable energy consumption targets in 2022, with 19 companies making them more ambitious and six stepping back on commitments.
There is, however, a difference between what the companies claim and what RE100 recognizes. While the companies claimed 50% of their power needs were met with renewable energy, RE100 recognizes only 39%. This is because companies sometimes do not disclose where the electricity is used. For example, <a href="https://www.microsoft.com/en-in" target="_blank" rel="noopener">Microsoft</a> and <a href="https://blog.google/alphabet/" target="_blank" rel="noopener">Alphabet</a> disclosed renewable energy procurement and electricity consumption data aggregated at a regional level, making it impossible for RE100 to assess the credibility of their claims.
In 2022, power purchase agreements (PPAs) accounted for 31% of renewable energy procured by the companies, marking the first year-on-year decrease in PPA share. This decline was expected due to growing membership in Asia, where PPAs are less accessible.
Meanwhile, wind and solar energy were the main technologies that generated renewable energy for the group. But this varied on the region. In Asia, where procurement accounted for 21% of total procurement, hydropower represented nearly half of renewable energy purchases.
<img loading="lazy" decoding="async" class="aligncenter wp-image-65999 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Screenshot-2024-05-07-162525.png" alt="RE100 source of power" width="629" height="210" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Screenshot-2024-05-07-162525.png 629w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Screenshot-2024-05-07-162525-300x100.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Screenshot-2024-05-07-162525-624x208.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Screenshot-2024-05-07-162525-600x200.png 600w" sizes="auto, (max-width: 629px) 100vw, 629px" />
Source: RE100
Stumbling Blocks
High cost or limited supply of renewable energy was the most frequently cited barrier by 127 companies. The second most common hurdle was the lack of procurement options, cited by 112 companies.
Other major hurdles included regulatory barriers, credibility concerns, internal reasons, and lack of data.
While the U.S. has the 7th-largest number of RE100 companies reporting procurement barriers, it represented only 9% of RE100 companies operating there.
In contrast, 40% of companies in South Korea face barriers, with only 4% purchasing 100% renewable energy there. More companies report facing barriers to procurement in South Korea than in any other country or area.

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