- Brookfield Asset Management (TSX:BAM), alongside subsidiary Brookfield Renewable (TSX:BEPC), are partnering with Alphabet’s (NASDAQ:GOOG) Google to provide up to 3,000 megawatts (MW) of carbon-free hydroelectric capacity across the United States
- The partnership represents the largest corporate clean power deal in history
- Initial contracts alone will see Brookfield Renewable deliver 670 MW valued at US$3 billion over the next 20 years
Brookfield Asset Management (TSX:BAM), alongside subsidiary Brookfield Renewable (TSX:BEPC), are partnering with Alphabet’s (NASDAQ:GOOG) Google to provide up to 3,000 megawatts (MW) of carbon-free hydroelectric capacity across the United States.
This content has been prepared as part of a partnership with Brookfield Asset Management Ltd., Brookfield Renewable Corp. and Alphabet Inc., and is intended for informational purposes only.
According to Tuesday’s news release, the partnership represents the largest corporate clean power deal in history, with 670 MW valued at US$3 billion in initial contracts to be delivered by Brookfield’s Holtwood and Safe Harbor hydroelectric facilities in Pennsylvania over the next 20 years.
Under the agreement, the energy will support Google’s operations in the mid-Atlantic (PJM) and mid-continent (MISO) markets, with eyes on strategic expansion opportunities across the country.
Both companies consider the partnership a win-win, as Brookfield Renewable sees a tailwind in providing clean energy to the rapidly growing tech sector, while Google sees value in powering its services with exclusively carbon-free energy, a milestone it intends to meet by 2030.
Leadership insights
“At Google, we’re dedicated to responsibly growing the digital infrastructure that powers daily life for people, communities and businesses,” Amanda Peterson Corio, head of data center energy at Google, said in a statement. “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.”
“Our partnership with Google demonstrates the critical role that hydropower can play in helping hyperscale customers meet their energy goals,” added Connor Teskey, president of Brookfield Asset Management. “Delivering power at scale and from a range of sources will be required to meet the growing electricity demands from digitalization and artificial intelligence.”
About Brookfield Asset Management
Brookfield Asset Management is a top global alternative asset manager with over US$1 trillion in assets under management. Brookfield operates Brookfield Renewable Partners, one of the largest publicly traded platforms for renewable power and sustainable solutions.
Brookfield Asset Management stock (TSX:BAM) is down by 0.69 per cent trading at C$77.55 as of 11:16 am ET. The stock has added 37.28 per cent year-over-year and by 81.57 per cent since 2020.
Brookfield Renewable stock (TSX:BEPC) is up by 3.83 per cent trading at C$47.41 as of 11:24 am ET. The stock is up by 15.04 per cent year-over-year and by 24.79 per cent since 2020.
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