Brookfield Asset Management, in partnership with Brookfield Renewable and Google, announced a Hydro Framework Agreement (HFA). This first-of-its-kind deal aims to deliver up to 3,000 megawatts (MW) of carbon-free hydroelectric capacity across the United States, marking the world’s largest corporate clean power agreement for hydroelectricity.
The initial contracts under the HFA involve Brookfield’s Holtwood and Safe Harbor hydroelectric facilities in Pennsylvania, representing over $3 billion of power and 670 MW of capacity.
This HFA is a significant step forward in Brookfield’s strategy to provide flexible, dispatchable clean energy solutions, particularly for the technology sector. It also strongly supports Google’s ambition to power its operations with 24/7 carbon-free energy.
Under the agreement, Google gains the ability to procure carbon-free electricity from up to 3,000 MW of hydroelectric assets. These assets will undergo relicensing, overhauls, or upgrades to extend their operational life and continue contributing power to the grid. The first contracted assets are the Pennsylvania hydroelectric facilities, which are currently undergoing relicensing by Brookfield. Initially, Brookfield and Google will concentrate on the mid-Atlantic (PJM) and mid-continent (MISO) electricity markets, with flexibility to expand into other U.S. regions.
The 20-year Power Purchase Agreements (PPAs) for the Holtwood and Safe Harbor facilities in Pennsylvania will directly support Google’s operations across the PJM market. This transaction structure also allows Brookfield to uphold existing commitments to power consumers, such as Amtrak, from the Safe Harbor facility.
KEY QUOTES:
“At Google, we’re 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.”
Amanda Peterson Corio, Head of Data Center Energy from Google
“Our 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.”
Connor Teskey, President of Brookfield Asset Management
