Back in September, Pantheon Infrastructure (PINT) made an investment in Intersect Power – we wrote about it here. Today, it has announced that most of this business has been sold to Alphabet (the parent company of Google) for $4.75bn (plus Alphabet is taking on Intersect’s debt).

Intersect is one of the largest renewable platforms in the US, with a portfolio comprising 2.2GWp of operational solar capacity and 1.4GWh of battery storage. It has a development model focused on the co-location of dedicated gas-fired and renewable power generation to support data centre and industrial demand. The total amount committed by PINT was about $40m (roughly £30m).

The sale includes Intersect’s pipeline of energy and data centre projects in development or under construction. Certain operating and development assets are excluded from the sale and will continue to be owned and operated by Intersect’s existing shareholders, including Climate Adaptive Infrastructure (the investor that PINT was working with when it made the investment) and PINT.

PINT will let us know how much it is getting and when in due course, but in the meantime, it estimates that this adds about 2.5p per share or 2% to net asset value (NAV).

This deal underscores the attractions of PINT’s investment approach. Its underlying NAV returns over one year and three years were already ahead of 3i Infrastructure’s. It does not really make sense that PINT trades on roughly twice 3IN’s discount.