Brookfield and Google Collaborate on Innovative Energy Project
The World's Largest Framework Agreement for the Purchase of Hydroelectricity
Contracts Exceeding $3 Billion for Key Facilities
Brookfield Asset Management (NYSE: BAM, TSX: BAM), alongside Brookfield Renewable (NYSE: BEP, TSX: BEP) and Google, proudly announce a transformative initiative in the renewable energy sector known as the Hydro Framework Agreement (HFA). This collaboration aims to deliver an astounding 3,000 megawatts (MW) of carbon-free hydroelectric capacity throughout the United States, marking a significant milestone as the world's largest corporate deal beholden to hydroelectric energy.
First Contracts Under the Hydro Framework Agreement
The first of these contracts pertain to Brookfield's Holtwood and Safe Harbor hydroelectric facilities, which are valued at over $3 billion and provide a combined capacity of 670 MW in Pennsylvania. This crucial step underscores Brookfield's commitment to developing flexible, dispatchable clean energy solutions tailored for the high-demand technology sector.
Supporting Goals of Renewable Energy and Sustainability
The HFA enables Google to obtain renewable electricity from up to 3,000 MW of hydroelectric facilities, which will undergo relicensing, upgrades, or overhauls to enhance their operational lifespan. The initial focus will be on markets in the mid-Atlantic (PJM) and mid-continent (MISO) electricity regions, with a clear pathway for future expansions into other territories across the United States.
20-Year Power Purchase Agreements Enhance Stability
The 20-year Power Purchase Agreements (PPAs) for both the Holtwood and Safe Harbor facilities will facilitate Google's pursuit of operational carbon neutrality in the PJM region. This structure also allows Brookfield to uphold its obligations to deliver power to existing customers, including significant commitments to Amtrak from the Safe Harbor facility.
Key Quotes from Leadership
Amanda Peterson Corio, Head of Data Center Energy at Google, stated, "At Google, we're dedicated to responsibly growing the digital infrastructure that powers daily life. This collaboration with Brookfield represents a critical advancement towards ensuring a reliable supply of clean energy in our operation areas."
Connor Teskey, President of Brookfield Asset Management, commented, "Our partnership with Google highlights hydropower's vital role in fulfilling the energy goals of hyperscale clients. As digitization and artificial intelligence demands escalate, ensuring scalable power from diverse sources will become increasingly essential."
About Brookfield Asset Management
Brookfield Asset Management (NYSE: BAM, TSX: BAM) stands as a preeminent global alternative asset manager. Based in New York and managing over $1 trillion in assets, Brookfield invests client capital with a long-term focus on essential service businesses and real assets—crucial components of the global economy.
The company also operates Brookfield Renewable Partners (NYSE: BEP, TSX: BEP), a leading player in the renewable energy market, leveraging expansive portfolios that include hydroelectric, wind, and solar assets. These ventures are bolstered by Brookfield’s increasing investment in innovative sustainable solutions across various sectors.
Contact Information
For Inquiries:
Google
press@google.com
Brookfield Contacts:
Simon Maine (Media): +44 7398 909 278
Alex Jackson (Investors): +1 416 649 8196
simon.maine@brookfield.com
alexander.jackson@brookfield.com
Frequently Asked Questions
What is the Hydro Framework Agreement?
The Hydro Framework Agreement is a partnership between Brookfield and Google aimed at producing up to 3,000 MW of carbon-free hydroelectric power across the United States.
What facilities are included in the initial contracts?
The initial contracts are for the Holtwood and Safe Harbor hydroelectric facilities in Pennsylvania, representing over $3 billion in value.
How does this agreement support Google’s sustainability goals?
The agreement facilitates Google's aim to operate on 24/7 carbon-free energy by sourcing renewable power from hydroelectric facilities.
What is Brookfield’s role in the renewable energy sector?
Brookfield is a significant player in the renewable energy market with extensive investments in hydroelectric, wind, and solar power as well as sustainable solutions.
How does this partnership benefit consumers?
This collaboration enhances the stability and sustainability of energy supply, benefiting consumers by promoting cleaner, reliable electricity generation.
