Alphabet 47.5 亿美元收购 Intersect：把 AI 算力之战推进到能源底层

DI数智观察2025-12-23

在 AI 模型规模指数级扩张、电力成为算力“新瓶颈”的背景下，Alphabet 选择了一条更激进的路径。通过斥资47.5 亿美元收购清洁能源与数据中心基础设施公司 Intersect Power，Google 正试图绕过电网限制，将 AI 算力扩张与电力供给牢牢绑定在自己手中。这不仅是一笔基础设施收购，更是一次将 AI 竞争从模型与芯片，进一步下沉到能源层的战略押注。买的是算力的“用电权”...

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VL \"A\" (USD) ACC","LU2237443465.HKD":"abrdn SICAV I -  GLOBAL DYNAMIC DIVIDEND \"A\" (HKD) INC"},"translate_title":"Alphabet acquires Intersect for US $4.75 billion: pushing the battle of AI computing power to the bottom of energy","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"USJW.SI":0.6,"GOOGL":1.96},"content_text":"在 AI 模型规模指数级扩张、电力成为算力“新瓶颈”的背景下，Alphabet 选择了一条更激进的路径。通过斥资47.5 亿美元收购清洁能源与数据中心基础设施公司 Intersect Power，Google 正试图绕过电网限制，将 AI 算力扩张与电力供给牢牢绑定在自己手中。这不仅是一笔基础设施收购，更是一次将 AI 竞争从模型与芯片，进一步下沉到 能源层的战略押注。买的是算力的“用电权”Alphabet将收购、 Intersect Power，并同时承担其未偿债务。该交易预计于 2026 年上半年完成，仍需通过常规监管审批。Alphabet 此次并非整体收购 Intersect 的全部资产，而是有选择地纳入与数据中心扩张高度相关的部分：Alphabet 将获得 Intersect 的核心团队，以及其在美国推进中的部分数据中心与能源项目；德州与加州部分已投运资产不在收购范围内，将继续由现有投资方持有；交易完成后，Intersect 将作为 Alphabet 旗下的独立公司运营，保留品牌，由创始人兼 CEO Sheldon  Kimber 继续领导，并与 Google 技术基础设施团队展开紧密协作。把数据中心直接建在电厂旁边成立于 2016 年的 Intersect，专注于 公用事业级可再生能源项目 的开发与运营，涵盖太阳能、风能及配套的 电池储能系统。其核心竞争力在于一种“能源—算力共址”模式：将大型数据中心或工业负载，与专属清洁能源发电设施同步规划和建设，而非依赖既有电网供电。目前，Intersect 的已建成和在建项目合计代表 10.8 吉瓦的发电能力，拥有多吉瓦级的项目储备，是 Google 在“电力优先（power-first）”数据中心园区模式中的关键合作伙伴。AI 数据中心的“能源直连”样板Intersect 正在德州 Haskell County 建设的一座大型太阳能园区，是双方合作的代表性项目之一：项目预计于 2027 年全面投运，届时太阳能发电能力将达到      640 兆瓦；同步部署 1.3 吉瓦的电池储能系统，以在发电不稳定时保障电力连续性；项目将与 Google 的数据中心园区共址建设，从而减少远距离输电需求，加快数据中心上线速度。Intersect 表示，相较传统“先建数据中心、再接入电网”的模式，这种共址方案在效率、建设周期和能源稳定性方面更具优势。AI 把电力从成本项变成战略资源随着 AI 模型训练与推理规模迅速扩大，数据中心用电需求激增，而传统公用事业与电网扩容进度明显滞后。Alphabet 收购 Intersect，意在：获取长期、低碳、可控的能源供给能力；减少对电网瓶颈、电价波动及高耗能监管风险的暴露；更精准地将新增 AI 算力负载与新增可再生能源产能同步匹配。通过直接掌握清洁能源与数据中心协同建设能力，Alphabet 能更灵活地决定算力部署的节奏和地点，在与 OpenAI 等主要 AI 竞争对手的基础设施竞赛中保持同步。云巨头开始像能源公司一样思考当电力从可外包的成本要素，转变为制约算力扩张节奏的关键资源，云服务商的决策逻辑也随之发生变化。Alphabet 收购 Intersect，体现的并非单点投资行为，而是其在 AI 时代对能源角色的系统性重估，并由此带来多重外溢影响：对 AI 与云计算业务而言，直接参与能源与数据中心的协同建设，使 Alphabet 能在更大程度上掌握算力扩张的主动权，从而以更稳定、且在长期可能更具成本优势的能源供给，支撑大模型训练与规模化服务部署。对能源与气候领域而言，该交易进一步强化了一项正在成形的趋势：超大规模云厂商不再仅是可再生能源的长期购电方，而是开始向“类综合能源公司”角色演进，通过持有或共建发电与储能资产，在保障自身电力需求的同时推进脱碳目标。对同行及产业链而言，Alphabet 的做法可能促使其他科技巨头重新评估传统虚拟购电协议（PPA）的边界，转而寻求对能源资产和电网接入能力的更直接控制，从而加剧对优质可再生能源项目与关键电力资源的竞争。Alphabet 的选择性收购逻辑Google 早在 2024 年 12 月便已参与 Intersect 的一轮融资，与 TPG Rise Climate、Climate Adaptive Infrastructure、Greenbelt Capital Partners 共同投资，融资规模超过 8 亿美元。当时，Intersect 表示，计划在本十年末前投入 200 亿美元建设美国可再生能源基础设施，并配套开发数吉瓦级的数据中心容量。在本次交易中，Alphabet 仅收购 Intersect 在德州的部分在建能源项目（包括 Haskell County 项目）。其中：Intersect 在加州的项目及德州已投运资产，将被剥离至一家独立公司；该公司将由上述三家投资机构持有并继续运营。Google 的能源技术下注图谱Alphabet 表示，Intersect 未来将探索多种 新兴能源技术，以提升和多元化电力供给。这与 Google 近年来在能源领域的布局高度一致，包括：参与 地热能源公司 Fervo Energy 的4.62 亿美元融资；与 模块化核反应堆公司 Kairos Power 合作，计划到 2035 年采购其核电能力，满负荷发电规模约500 兆瓦。与此同时，市场也关注两方面不确定性：一是大型数据中心与专属能源项目共址，可能引发更严格的 土地、输电与环境监管；二是 Alphabet 需证明其能够在科技公司体系内 高效运营大规模能源基础设施业务，并满足电力行业对安全性、可靠性与资本回报的长期要求。总体而言，此次收购标志着 Alphabet 正将 算力竞争进一步延伸至能源与基础设施层面，这也可能成为下一阶段全球 AI 竞赛中的关键变量。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"2","news_tag":"corporation,merge","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2593699604","isCrawlerRequest":true}