Agency Report
Google has signed a $3-billion agreement to source electricity for data centers from Brookfield Asset Management’s hydropower facilities, in the world’s largest corporate clean power deal for hydroelectricity, the asset manager said on Tuesday.
The first contracts executed under the agreement to deliver up to 3 gigawatts (GW) of carbon-free hydroelectric capacity across the United States are for Brookfield’s Holtwood and Safe Harbor hydroelectric facilities in Pennsylvania, representing more than 670 MW of capacity.
The 20-year Power Purchase Agreements (PPAs) for Brookfield’s Holtwood and Safe Harbor hydroelectric facilities will support Google’s operations across the PJM region.
Google has the ability to procure carbon-free electricity from up to 3,000 MWs of hydroelectric assets that will be relicensed, overhauled, or upgraded to extend the assets’ useful life and continue adding power to the grid.
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, Brookfield said.
“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,” said Amanda Peterson Corio, Head of Data Center Energy from Google.
Connor Teskey, President of Brookfield Asset Management, commented,
“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.”
Google and other major tech firms like Amazon are also investing heavily in nuclear startups to accelerate small modular reactors (SMRs) development.
Delivering clean power to the hyperscale users will become even more important as U.S. President Donald Trump is set to unveil later on Tuesday a $70- billion investment package to give a major funding boost to energy and data infrastructure. Culled From Oilprice.com.