Greenbelt Capital Partners is in no rush to monetize its share in IPX Power following the renewable energy platform’s spin out from Intersect Power, according to an executive for the energy and sustainability-focused asset manager.

IPX, which recently secured a USD 4.95bn financing facility, comprises a management team and grid-connected assets that were part of Intersect prior to its sale to Google-parent Alphabet. The company has grown beyond what Greenbelt would typically target in a new portfolio acquisition, but the developer’s advantaged position in the US renewables sector gives it room to add additional value, said Glenn Jacobson, managing partner at Greenbelt.

The USD 5bn sale of Intersect Power, announced in March, transferred the energy developer’s data center-focused behind-the-meter generation projects to Google-parent Alphabet. IPX was formed out of Intersect’s grid-connected assets, including the Darden solar and battery storage project in Fresno County, California, which yesterday announced the close of the USD 4.95bn financing facility.

The growth of IPX and successful exit from Intersect serve to validate the investment thesis that led Greenbelt to invest in the company, alongside Climate Adaptive Infrastructure, in 2020, said Jacobson.

Greenbelt, which focuses on energy, grid, and sustainability investments, targets a return profile more in line with private equity than infrastructure investment. That focus has driven the firm to focus more heavily on companies that provide services, equipment, and technology, rather than development platforms, said Jacobson.

What set Intersect apart in 2020, Jacobson said, was a strong management team with the ability to secure offtake commitments and financing, as well as to develop and execute projects. That gave the company a pathway to develop as a going concern rather than an aggregate of portfolio asset value, placing return potential within Greenbelt’s target range.

“We saw the makings of a next-generation IPP, rather than just another develop-and-flip shop, which we were seeing a lot of in the market,” said Jacobson.

Advantaged position

Having brought the platform to a successful partial exit, Greenbelt might be expected to lock in the rest of its return on the company and turn the page.

Greenbelt frequently targets growth-stage companies, including family-owned businesses and companies entering their first partnership with private equity, with a goal of growing those companies to a stage ripe for more institutional investment, executives have said of the firm’s investment strategy.

But, while IPX has clearly graduated from that stage of development, Jacobson said Greenbelt is keeping all options open.

With a glut of renewable energy projects seeking financing in the run-up to a July deadline for projects to begin construction in order to preserve eligibility for clean energy tax credits set to expire in the coming years, Jacobson said IPX’s ample access to capital and proven ability to execute projects put it in an advantaged position, at a turbulent time for the US renewables sector.

The nearly USD 5bn financing for project Darden, including nearly USD 1bn of tax equity commitments, is a demonstration of that advantage, Jacobson said.

“That kind of deal isn’t possible without a track record of execution,” he said, noting that major tax credit financing deals are contingent on investor confidence that the underlying credits will actually be generated from a completed project.

Greenbelt is currently deploying from its inaugural fund, which closed on USD 1bn in 2025.

Investments from Fund I include Saber Power Services, a skilled labor and services oriented company for electrical assets; Brush, a UK-based provider of transformers and electrical switchgear; AWG (American Wire Group), which makes critical electrical components for the power and utility sector; transmission products and engineering company CTC Global; and Peak Utility Services Group, which provides maintenance, repair, and upgrade services for electric, gas, and telecommunications networks.