Brookfield and Google Sign Hydro Framework Agreement to Deliver up to 3,000 MW of Homegrown Energy in the United States
Brookfield Asset Management (NYSE: BAM) and Google have announced a groundbreaking Hydro Framework Agreement (HFA) to deliver up to 3,000 megawatts of carbon-free hydroelectric capacity across the United States. The first contracts under this agreement, valued at over $3 billion, cover the 670 MW Holtwood and Safe Harbor hydroelectric facilities in Pennsylvania.
The 20-year Power Purchase Agreements (PPAs) will support Google's operations in the PJM region while maintaining existing commitments to power consumers like Amtrak. The partnership will initially focus on the mid-Atlantic (PJM) and mid-continent (MISO) electricity markets, with potential for expansion into other U.S. regions.
Brookfield Asset Management (NYSE: BAM) e Google hanno annunciato un innovativo Accordo Quadro Idroelettrico (HFA) per fornire fino a 3.000 megawatt di capacità idroelettrica senza emissioni di carbonio negli Stati Uniti. I primi contratti derivanti da questo accordo, del valore di oltre 3 miliardi di dollari, riguardano gli impianti idroelettrici Holtwood e Safe Harbor in Pennsylvania, con una capacità complessiva di 670 MW.
I contratti di acquisto di energia (PPA) della durata di 20 anni sosterranno le operazioni di Google nella regione PJM, mantenendo al contempo gli impegni esistenti verso consumatori di energia come Amtrak. La partnership si concentrerà inizialmente sui mercati elettrici del mid-Atlantic (PJM) e del mid-continent (MISO), con possibilità di espansione in altre aree degli Stati Uniti.
Brookfield Asset Management (NYSE: BAM) y Google han anunciado un innovador Acuerdo Marco Hidroeléctrico (HFA) para suministrar hasta 3,000 megavatios de capacidad hidroeléctrica libre de carbono en todo Estados Unidos. Los primeros contratos bajo este acuerdo, valorados en más de 3 mil millones de dólares, incluyen las instalaciones hidroeléctricas Holtwood y Safe Harbor en Pensilvania, con una capacidad de 670 MW.
Los Acuerdos de Compra de Energía (PPA) a 20 años apoyarán las operaciones de Google en la región PJM, mientras mantienen los compromisos existentes con consumidores de energía como Amtrak. La asociación se centrará inicialmente en los mercados eléctricos del mid-Atlantic (PJM) y mid-continent (MISO), con potencial para expandirse a otras regiones de EE.UU.
Brookfield Asset Management (NYSE: BAM)와 Google이 미국 전역에 3,000메가와트의 탄소 배출 없는 수력 발전 용량을 제공하기 위한 획기적인 수력 프레임워크 계약(HFA)을 발표했습니다. 이 계약에 따른 첫 번째 계약들은 30억 달러 이상의 가치로 펜실베이니아에 위치한 670MW 용량의 홀트우드 및 세이프 하버 수력 발전 시설을 포함합니다.
20년간의 전력 구매 계약(PPA)은 PJM 지역 내 구글의 운영을 지원하며, Amtrak과 같은 기존 전력 소비자에 대한 약속도 유지합니다. 이 파트너십은 초기에는 미드애틀랜틱(PJM)과 미드콘티넨트(MISO) 전력 시장에 집중하며, 이후 미국 내 다른 지역으로 확장될 가능성이 있습니다.
Brookfield Asset Management (NYSE : BAM) et Google ont annoncé un accord-cadre hydroélectrique révolutionnaire (HFA) visant à fournir jusqu'à 3 000 mégawatts de capacité hydroélectrique sans carbone à travers les États-Unis. Les premiers contrats issus de cet accord, d'une valeur de plus de 3 milliards de dollars, concernent les installations hydroélectriques Holtwood et Safe Harbor en Pennsylvanie, d'une capacité de 670 MW.
Les contrats d'achat d'électricité (PPA) sur 20 ans soutiendront les opérations de Google dans la région PJM tout en maintenant les engagements existants envers des consommateurs d'énergie tels qu'Amtrak. Le partenariat se concentrera initialement sur les marchés électriques du mid-Atlantic (PJM) et du mid-continent (MISO), avec un potentiel d'expansion vers d'autres régions des États-Unis.
Brookfield Asset Management (NYSE: BAM) und Google haben eine bahnbrechende Hydro-Rahmenvereinbarung (HFA) angekündigt, um bis zu 3.000 Megawatt CO2-freie Wasserkraftkapazität in den Vereinigten Staaten bereitzustellen. Die ersten Verträge im Rahmen dieser Vereinbarung, mit einem Wert von über 3 Milliarden US-Dollar, umfassen die 670 MW starken Wasserkraftwerke Holtwood und Safe Harbor in Pennsylvania.
Die 20-jährigen Stromabnahmeverträge (PPAs) werden Googles Betrieb in der PJM-Region unterstützen und gleichzeitig bestehende Verpflichtungen gegenüber Stromverbrauchern wie Amtrak aufrechterhalten. Die Partnerschaft konzentriert sich zunächst auf die Strommärkte im mittleren Atlantik (PJM) und Mittleren Westen (MISO) mit der Möglichkeit zur Erweiterung in andere US-Regionen.
- Secured over $3 billion in contracts for hydroelectric power supply
- Established framework for up to 3,000 MW of carbon-free energy capacity
- Secured 20-year Power Purchase Agreements with major tech customer Google
- Strategic expansion potential beyond initial PJM and MISO markets
- Significant capital investment required for facility relicensing and upgrades
- Long-term commitment to single customer concentration risk
Insights
Brookfield's $3B hydro deal with Google secures long-term revenue while positioning strategically in the growing tech-energy intersection.
This framework agreement between Brookfield and Google represents a watershed moment in corporate renewable energy procurement, establishing what appears to be the largest hydroelectric power purchase agreement in history. The initial
What makes this deal particularly significant is its structure. Rather than developing new assets, Brookfield will relicense, overhaul, and upgrade existing hydroelectric facilities, extending their useful life while maintaining critical infrastructure. This approach delivers three distinct advantages: lower capital expenditure versus new builds, regulatory certainty through established facilities, and immediate revenue generation from operational assets.
The 20-year Power Purchase Agreements provide Brookfield with long-term revenue visibility while maintaining flexibility to honor existing commitments to customers like Amtrak. The framework's focus on the PJM and MISO markets targets regions with both strong demand growth and challenging renewable deployment conditions.
For Brookfield, this represents a strategic pivot toward serving the technology sector's rapidly growing energy needs, particularly as AI deployment accelerates power demand. The deal structure allows Brookfield to monetize existing hydroelectric assets at premium rates while positioning the company as a key infrastructure partner for the tech industry's energy transition.
The World’s Largest Framework Agreement for the Purchase of Hydroelectricity
Over
NEW YORK and PITTSBURGH, July 15, 2025 (GLOBE NEWSWIRE) -- Brookfield Asset Management (NYSE: BAM; TSX: BAM), together with Brookfield Renewable (NYSE: BEP, BEPC; TSX: BEP.UN, BEPC) (“Brookfield”) and Google today announced a first-of-its-kind Hydro Framework Agreement (“HFA”) to deliver up to 3,000 megawatts (MW) of carbon-free hydroelectric capacity across the United States – the world’s largest corporate clean power deal for hydroelectricity.
The first contracts executed under the HFA are for Brookfield’s Holtwood and Safe Harbor hydroelectric facilities in Pennsylvania, representing more than
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 carbon-free electricity from up to 3,000 MWs 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 (“PPAs”) for Brookfield’s Holtwood and Safe Harbor hydroelectric facilities in Pennsylvania will support Google’s operations across PJM. The transaction structure allows Brookfield to maintain existing commitments to power consumers such as Amtrak from the Safe Harbor facility.
Amanda Peterson Corio, Head of Data Center Energy from Google said:
“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."
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.”
About Brookfield
Brookfield Asset Management (NYSE: BAM, TSX: BAM) is a leading global alternative asset manager, headquartered in New York, with over
Brookfield operates Brookfield Renewable Partners (NYSE: BEP, BEPC TSX: BEP.UN, BEPC), one of the world’s largest publicly traded platforms for renewable power and sustainable solutions. Our renewable power portfolio consists of hydroelectric, wind, utility-scale solar and storage facilities and our sustainable solutions assets include our investment in a leading global nuclear services business and a portfolio of investments in carbon capture and storage capacity, agricultural renewable natural gas, materials recycling and eFuels manufacturing capacity, among others.
Contact Information:
| press@google.com | |
| Brookfield | |
| Simon Maine (Media) | Alex Jackson (Investors) |
| +44 7398 909 278 | +1 416 649 8196 |
| simon.maine@brookfield.com | alexander.jackson@brookfield.com |
Notice to Readers
This news release contains “forward-looking statements” within the meaning of the U.S. Securities Act of 1933, the U.S. Securities Exchange Act of 1934, “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of other relevant securities legislation, including applicable securities laws in Canada, which reflect our current views with respect to, among other things, our operations and financial performance (collectively, “forward-looking statements”). Forward-looking statements include statements that are predictive in nature, depend upon or refer to future results, events or conditions, and include, but are not limited to, statements which reflect management’s current estimates, beliefs and assumptions and which are in turn based on our experience and perception of historical trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. The estimates, beliefs and assumptions of Brookfield are inherently subject to significant business, economic, competitive and other uncertainties and contingencies regarding future events and as such, are subject to change. Forward-looking statements are typically identified by words such as “expect”, “anticipate”, “believe”, “foresee”, “could”, “estimate”, “goal”, “intend”, “plan”, “seek”, “strive”, “will”, “may” and “should” and similar expressions. In particular, the forward-looking statements contained in this news release include statements referring to the impact of the HFA.
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Readers are urged to consider these risks, as well as other uncertainties, factors and assumptions carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements, which are based only on information available to us as of the date of this news release. Except as required by law, Brookfield undertakes no obligation to publicly update or revise any forward-looking statements, whether written or oral, that may be as a result of new information, future events or otherwise.
FAQ
What is the value of Brookfield's hydroelectric power agreement with Google?
Which hydroelectric facilities are included in Brookfield's (BAM) first contract with Google?
How long are the Power Purchase Agreements between Brookfield and Google?
Which electricity markets will Brookfield and Google initially focus on?
Will the Brookfield-Google agreement affect existing power commitments?
