Global alternative asset manager Brookfield Asset Management and its renewable energy arm Brookfield Renewable Partners will build several GWs of clean energy capacity under an agreement with tech giant Microsoft for the latter to decarbonize its cloud energy supply.
Under the global renewable energy framework agreement signed, Brookfield will deliver more than 10.5 GW of new renewable energy capacity between 2026 and 2030. It will comprise wind, solar and other 'new or impactful' carbon-free energy generation technologies.
Brookfield will locate this capacity in the US and Europe. The duo can add more capacity as per the agreement. It can be located within these 2 regions and can also expand to Asia-Pacific, India and Latin America.
Microsoft says that with this agreement, it gets access to a pipeline of new renewable energy capacity to support the growing demand for cloud services 'at home and at work.' It will contribute to the company's goal of having 100% of its electricity consumption, 100% of the time, matched by zero carbon energy purchases by 2030.
It has so far contracted almost 1 GW of renewable energy capacity outside of the agreement.
For Brookfield, the partnership enables the development of a large portfolio of new renewable energy projects.
"This first of its kind agreement, which is almost eight times larger than the largest single corporate PPA ever signed, is a testament to our ability to reliably deliver clean power solutions at scale to our corporate partners and accelerate the energy transition," said the CEO of Brookfield Renewable and President of Brookfield Asset Management, Connor Teskey.
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