Brookfield and Google to Provide 3 GW Homegrown Energy in US
- Business Companies Renewables World
Global Business Magazine- 4 minutes read
Brookfield Asset Management, together with Brookfield Renewable and Google on Tuesday announced a first-of-its-kind Hydro Framework Agreement (HFA) to deliver up to 3 Gigawatts (GW) of carbon-free hydroelectric capacity across the US, the world’s largest corporate clean power deal for hydroelectricity.
The first contracts executed under the HFA are for Brookfield’s Holtwood and Safe Harbor hydroelectric facilities in Pennsylvania, representing more than $3 billion of power and 670 MW of capacity.
The HFA represents a significant step forward in Brookfield’s strategy to deliver flexible, dispatchable clean energy solutions to the technology sector and supports Google’s ambition to power its operations with round-the-clock carbon-free energy.
Under the HFA, Google has the ability to procure carbon-free electricity from up to 3 GW of hydroelectric assets that will be relicensed, overhauled, or upgraded to extend the asset’s useful life and continue adding power to the grid.
The first contracted assets consist of hydroelectric facilities in Pennsylvania that Brookfield is relicensing. Brookfield and Google will initially focus in the mid-Atlantic (PJM) and mid-continent (MISO) electricity markets, with the flexibility to expand into other U.S. regions.
The 20-year Power Purchase Agreements (PPAs) for Brookfield’s Holtwood and Safe Harbor hydroelectric facilities in Pennsylvania will support Google’s operations across PJM. The transaction structure allows Brookfield to maintain existing commitments to power consumers such as Amtrak from the Safe Harbor facility.
Significant Step Forward
Amanda Peterson Corio, Head of Data Center Energy from Google said that they were dedicated to responsibly growing the digital infrastructure that powers daily life for people, communities and businesses.
“This collaboration with Brookfield is a significant step forward, ensuring clean energy supply in the PJM region where we operate. Hydropower is a proven, low-cost technology, offering dependable, homegrown, carbon-free electricity that creates jobs and builds a stronger grid for all,” she added.
Connor Teskey, President of Brookfield Asset Management, said that their partnership with Google demonstrates the critical role that hydropower can play in helping hyperscale customers meet their energy goals.
Delivering power at scale and from a range of sources will be required to meet the growing electricity demands from digitalization and artificial intelligence, he said.
The New York-headquartered Brookfield Asset Management is a leading global alternative asset manager with over $1 trillion of assets under management. Brookfield invests client capital for the long term with a focus on real assets and essential service businesses that form the backbone of the global economy.
Brookfield offers a range of alternative investment products to investors around the world — including public and private pension plans, endowments and foundations, sovereign wealth funds, financial institutions, insurance companies and private wealth investors.
Brookfield operates Brookfield Renewable Partners, one of the world’s largest publicly traded platforms for renewable power and sustainable solutions.
The company’s renewable power portfolio consists of hydroelectric, wind, utility-scale solar and storage facilities and our sustainable solutions assets include our investment in a leading global nuclear services business and a portfolio of investments in carbon capture and storage capacity, agricultural renewable natural gas, materials recycling and eFuels manufacturing capacity, among others.
