Brookfield and Google Agree to Largest Clean Power Deal for Hydroelectricity

Brookfield Asset Management and Brookfield Renewable have signed the world's largest clean power deal for hydroelectricity with Google, purchasing up to 3,000 MW of carbon-free electricity. The first contracts are for Brookfield's Holtwood and Safe Harbor hydroelectric facilities in Pennsylvania, representing over $3 billion of power and 670 MW of capacity. The 20-year Power Purchase Agreements will support Google's operations in the PJM region.

Brookfield Asset Management (BAM) and Brookfield Renewable have signed a groundbreaking agreement with Google, committing to deliver up to 3,000 megawatts (MW) of carbon-free hydroelectric capacity across the United States. The first contracts, valued at over $3 billion, are for Brookfield's Holtwood and Safe Harbor hydroelectric facilities in Pennsylvania, representing 670 MW of capacity [1].

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 initially focuses on the mid-Atlantic (PJM) and mid-continent (MISO) electricity markets, with potential for expansion into other U.S. regions [1].

Brookfield's strategic pivot toward serving the technology sector's rapidly growing energy needs is evident in this deal. By relicensing, overhauling, and upgrading existing hydroelectric facilities, Brookfield can extend their useful life, lower capital expenditure, and maintain regulatory certainty [1]. This approach offers immediate revenue generation from operational assets and positions Brookfield as a key infrastructure partner for the tech industry's energy transition [1].

The World’s Largest Framework Agreement for the Purchase of Hydroelectricity
Over $3 Billion
of Contracts Signed Today for 670 MW Holtwood and Safe Harbor Facilities in Pennsylvania
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 [1].

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 [1]. 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 [1].

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 [1]. 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 [1].

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 [1].

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.”

References:
[1] https://www.stocktitan.net/news/BAM/brookfield-and-google-sign-hydro-framework-agreement-to-deliver-up-1fo304j3w9vz.html
[2] https://www.marketwatch.com/story/brookfield-asset-management-brookfield-renewable-google-announce-hydroelectric-delivery-agreement-2bd176f1