Well positioned to benefit from hyperscaler data centre investments

Asset overview

Intersect Power is one of the largest and fastest-growing renewables platforms in the US, with 2.2GWp of solar generation and 1.4GWh of battery storage in operation. The company develops and operates utility-scale and industrial power infrastructure to support the accelerating trends of electrification, digitalisation and decarbonisation. Its business model centres on co-locating industrial demand with the rapid deployment of dedicated gas and renewable generation. Intersect also has a strong development pipeline, with approximately 3GW of solar and more than 15GWh of battery storage projects under construction.

Investment thesis

Intersect represented a compelling opportunity to invest in a scaled renewable energy platform with an attractive risk‑adjusted return profile. The investment was underpinned by strong downside protection from the business’s operating portfolio, supported by long-term PPAs, alongside upside potential from its development pipeline.

Value creation

Working closely with one of its leading investors, Google, Intersect is also well positioned to benefit from the hyperscaler’s data centre investments driven by cloud customers’ and users’ demand.

Strong performance has been supported by continued progress across its data centre projects, generating upside to the entry base case through the sale of its pipeline of energy and data centre projects. The retained business operates a diversified portfolio, largely located in ERCOT (Texas) and CAISO (California), benefiting from favourable power market fundamentals. The retained development pipeline is expected to have limited tariff exposure due to the predominantly domestic sourcing of equipment. The core portfolio underwritten at entry includes projects that commenced construction and are grandfathered under existing IRA Section 48 investment tax credits, reducing exposure to policy uncertainty.

Transaction update

The sale of Intersect’s pipeline of energy and data centre projects in development or under construction was announced in December 2025. Achieved within three months of PINT’s investment, the transaction resulted in a MOIC of 1.5x at 31 December 2025 and increased PINT’s NAV by approximately 2.5p per share. PINT received cash proceeds of $43.8 million in March 2026, representing a DPI ratio of 1.2x.

Following the partial sale, PINT remains invested in the business operating the retained generation assets, which has been rebranded as IPX Power. Asset development is expected to continue broadly as planned, with projects selectively retained and progressed, and the expectation that all portfolio assets will be sold upon the completion of under‑construction projects.