Brookfield Asset Management, Brookfield Renewable and Google on July 15 announced a first-of-its-kind Hydro Framework Agreement to deliver up to 3,000 megawatts of hydroelectric capacity across the United States – the world’s largest corporate clean power deal for hydroelectricity, according to Google and Brookfield.
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 24/7 carbon-free energy.
Under the HFA, Google has the ability to procure electricity from up to 3,000 MW 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 for Brookfield’s Holtwood and Safe Harbor hydroelectric facilities in Pennsylvania will support Google’s operations across PJM.
