Noreva in the media – coverage featuring Peter Gardett, CEO, in S&P Capital IQ.
In brief: S&P Capital IQ covered Alphabet’s planned $4.75 billion acquisition of Intersect Power, which it framed as a significant shift for hyperscalers and other data center infrastructure players, and turned to Noreva for its read on the deal.
Noreva, an energy market data and analytics provider (formerly Karbone Research), was featured in S&P Capital IQ’s coverage of Alphabet Inc.’s roughly $4.75 billion acquisition of Intersect Power LLC from TPG Inc. – the first time a hyperscaler has bought an independent power producer outright rather than simply contracting for its output. Noreva CEO Peter Gardett was asked what the transaction tells buyers and sellers about how development capability is being priced.
What the S&P Capital IQ coverage examined
Google LLC’s purchase of Intersect Power, announced in January 2026 and closed in March 2026, marked a break from how hyperscalers have historically secured power: through long-term offtake agreements rather than ownership. The coverage framed the roughly $4.75 billion price tag against a backdrop in which data centers account for a significant share of anticipated US load growth through the end of the decade, and developers are competing for a limited pool of financing from a handful of technology companies with balance sheets large enough to write checks at this scale.
Gardett said the price reflects what Intersect Power’s team knows how to do. That team sites, permits, and builds projects on a timeline hyperscalers can’t replicate internally: “It’s that build knowledge, and they’re paying a premium for it.”
Asked how that logic should shape which developers get bought next, he pointed to portfolio companies backed by infrastructure capital as the likely next targets: “If I was Amazon.com Inc. or someone else looking for speed to power, if I was EQT and I’d just raised a big infrastructure fund, I’d be looking at those portfolio companies that look like they have a build premium attached to it.”
Why the deal matters for developers and asset owners
One transaction does not establish a market on its own. But for the developers, asset owners, and infrastructure investors Noreva serves, the Google-Intersect deal signals that acquirers are underwriting development pipelines and execution track record as a distinct, priceable asset, separate from the megawatts already operating or contracted. That “build premium” is a valuation input that generic load-growth forecasts miss. A merchant curve, priced project by project, can capture it instead. Noreva’s work turns that read-across into transaction-aligned forward curves and asset-valuation views: which development platforms carry a premium, and how much of a deal price reflects power still to be built rather than power already flowing.
Frequently asked questions
What did Google acquire in the Intersect Power deal?
Google LLC (Alphabet Inc.) acquired Intersect Power LLC from TPG Inc. for roughly $4.75 billion, a deal announced in December 2025 and closed in March 2026: the first outright hyperscaler purchase of an independent power producer, as covered by S&P Capital IQ.
Why does this deal matter for renewable developers?
Per Noreva CEO Peter Gardett’s read in S&P Capital IQ, the transaction shows buyers paying a premium for development “build knowledge,” meaning the ability to site, permit, and construct projects, rather than for operating assets alone. That reframes how developer pipelines get valued.
How does Noreva value a "build premium"?
Noreva builds transaction-aligned forward curves and asset-valuation views for US power markets, isolating how much of a deal or portfolio’s value reflects development execution capability versus contracted or operating capacity.
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