Latest news with #AmandaPetersonCorio
TECHx
16-07-2025
- Business
- TECHx
Google Signs $3B Clean Energy Deal for Hydropower
Home » Latest news » Google Signs $3B Clean Energy Deal for Hydropower Google has announced a major clean energy agreement with Brookfield Asset Management to secure up to 3 gigawatts of U.S. hydropower. This marks the world's largest corporate clean power pact for hydroelectricity to date. The agreement includes 20-year power purchase contracts worth $3 billion. These contracts will support electricity generation from two hydropower facilities located in Pennsylvania. In addition, Google plans to invest $25 billion in data center infrastructure across Pennsylvania and nearby states over the next two years, according to a report by Semafor. The clean energy deal reflects the growing demand for renewable electricity across the tech sector. Companies like Google are working to power energy-intensive data centers that support artificial intelligence and cloud computing. As a result, U.S. power consumption is rising after nearly two decades of relative stability. Amanda Peterson Corio, Google's head of data center energy, said the collaboration with Brookfield is an important move to secure clean energy in the PJM region, where many of its data centers are located. The latest agreement builds on Google's earlier efforts in renewable power. Over the past year, the company has signed several first-of-their-kind power purchase agreements. These include deals for carbon-free geothermal and advanced nuclear energy. Moreover, Google is working with PJM Interconnection, the largest electricity grid operator in the U.S. The goal is to use artificial intelligence to speed up the process of integrating new clean energy supplies into the grid. Brookfield, through its renewable energy arm Brookfield Renewable Partners, owns the two hydropower sites in Pennsylvania. Both facilities will be upgraded and relicensed under the new arrangement. The framework agreement is expected to support Google's broader clean energy goals. The announcement comes ahead of an AI summit in Pittsburgh, where Alphabet President Ruth Porat is scheduled to speak. According to reports, U.S. President Donald Trump will also attend the summit. The event is expected to include announcements of up to $70 billion in combined AI and energy investments. Key highlights of the deal: 20-year hydropower purchase agreements totaling $3 billion $25 billion investment in regional data centers Upgrades and relicensing of two Pennsylvania hydropower sites The agreement signals continued momentum in the tech industry's shift toward long-term clean energy solutions. Source: Reuters
The Market Online
15-07-2025
- Business
- The Market Online
Brookfield and Google sign world's largest clean energy deal
Brookfield Asset Management (TSX:BAM), alongside subsidiary Brookfield Renewable (TSX:BEPC), are partnering with Alphabet's (NASDAQ:GOOG) Google to provide up to 3,000 megawatts (MW) of carbon-free hydroelectric capacity across the United States The partnership represents the largest corporate clean power deal in history Initial contracts alone will see Brookfield Renewable deliver 670 MW valued at US$3 billion over the next 20 years Brookfield Asset Management (TSX:BAM), alongside subsidiary Brookfield Renewable (TSX:BEPC), are partnering with Alphabet's (NASDAQ:GOOG) Google to provide up to 3,000 megawatts (MW) of carbon-free hydroelectric capacity across the United States. This content has been prepared as part of a partnership with Brookfield Asset Management Ltd., Brookfield Renewable Corp. and Alphabet Inc., and is intended for informational purposes only. According to Tuesday's news release, the partnership represents the largest corporate clean power deal in history, with 670 MW valued at US$3 billion in initial contracts to be delivered by Brookfield's Holtwood and Safe Harbor hydroelectric facilities in Pennsylvania over the next 20 years. Under the agreement, the energy will support Google's operations in the mid-Atlantic (PJM) and mid-continent (MISO) markets, with eyes on strategic expansion opportunities across the country. Both companies consider the partnership a win-win, as Brookfield Renewable sees a tailwind in providing clean energy to the rapidly growing tech sector, while Google sees value in powering its services with exclusively carbon-free energy, a milestone it intends to meet by 2030. Leadership insights 'At Google, we're dedicated to responsibly growing the digital infrastructure that powers daily life for people, communities and businesses,' Amanda Peterson Corio, head of data center energy at Google, said in a statement. '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.' 'Our partnership with Google demonstrates the critical role that hydropower can play in helping hyperscale customers meet their energy goals,' added Connor Teskey, president of Brookfield Asset Management. '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 Asset Management Brookfield Asset Management is a top global alternative asset manager with over US$1 trillion in assets under management. Brookfield operates Brookfield Renewable Partners, one of the largest publicly traded platforms for renewable power and sustainable solutions. Brookfield Asset Management stock (TSX:BAM) is down by 0.69 per cent trading at C$77.55 as of 11:16 am ET. The stock has added 37.28 per cent year-over-year and by 81.57 per cent since 2020. Brookfield Renewable stock (TSX:BEPC) is up by 3.83 per cent trading at C$47.41 as of 11:24 am ET. The stock is up by 15.04 per cent year-over-year and by 24.79 per cent since 2020. Join the discussion: Find out what everybody's saying about these large-cap stocks on the Brookfield Asset Management Ltd., Brookfield Renewable Corp. and Alphabet Inc. Bullboards and check out the rest of Stockhouse's stock forums and message boards. Stockhouse does not provide investment advice or recommendations. All investment decisions should be made based on your own research and consultation with a registered investment professional. The issuer is solely responsible for the accuracy of the information contained herein. For full disclaimer information, please click here.
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Business Standard
15-07-2025
- Business
- Business Standard
Google, Brookfield sign $3 bn hydropower pact for US data operation
Google has agreed to procure up to 3,000 megawatts (MW) of carbon-free hydroelectric power across the United States (US) through a new agreement with Brookfield Asset Management and Brookfield Renewable. The announcement comes amid rising power demands from technology giants, driven by the rapid growth of artificial intelligence and the expansion of data centres. The Hydro Framework Agreement (HFA) enables Google to purchase electricity from hydroelectric assets that will be relicensed, overhauled or upgraded to extend their useful life and maintain power generation. The first contracts signed under this agreement cover Brookfield's Holtwood and Safe Harbor hydroelectric facilities in Pennsylvania, representing over $3 billion in power and 670 MW of capacity, Brookfield Asset Management said in a statement on Tuesday. These 20-year power purchase agreements will support Google's operations within the PJM (mid-Atlantic) electricity market. The agreement allows Brookfield to continue supplying power to existing customers such as Amtrak from the Safe Harbor facility. 'This collaboration with Brookfield is a significant step forward, ensuring a 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," Amanda Peterson Corio, Head of Data Center Energy at Google, said. Meanwhile, Connor Teskey, President of Brookfield Asset Management, added that the partnership 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 digitalisation and artificial intelligence," Teskey said.
Yahoo
19-05-2025
- Business
- Yahoo
Google signs agreement with energyRe for 600MW of solar energy
Google has entered a renewable energy agreement with energyRe, securing more than 600MW of solar and solar with storage projects in the US state of South Carolina. The deal is the second collaboration between the two companies and contributes more than 1 gigawatt alternating current (GWac) of new clean capacity, aligning with Google's aim for net-zero carbon emissions by 2030. Google's head of data centre energy Amanda Peterson Corio stated: 'Strengthening the grid by deploying more reliable and clean energy is crucial for supporting the digital infrastructure that businesses and individuals depend on. 'Our collaboration with energyRe will help power our data centres and the broader economic growth of South Carolina.' The agreement with energyRe addresses local energy requirements with renewable sources and reinforces Google's commitment to sustainability. energyRe's national portfolio encompasses the development of renewable energy projects, including large-scale solar, wind and storage assets, designed to enhance grid reliability, reduce costs and meet the growing demand for electricity. energyRe CEO Miguel Prado stated: 'This agreement is a milestone in energyRe's mission to develop innovative and impactful clean energy solutions for the future. 'We're honoured to partner with Google to help advance their ambitious sustainability and decarbonisation objectives while delivering dependable, locally sourced clean energy to meet growing energy demands.' Google also signed a power purchase agreement (PPA) in April 2025 with Copenhagen Infrastructure Partners for renewable energy from the upcoming Fengmiao 1 wind farm in Taiwan. This marks Google's first offshore wind PPA in the region and will provide its facilities in Taiwan with cost-effective, carbon-free electricity. The Fengmiao 1 wind farm, to be operational by 2027, is set to significantly contribute to Taiwan's offshore wind power sector and support the region's clean energy transition. "Google signs agreement with energyRe for 600MW of solar energy" was originally created and published by Power Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
11-05-2025
- Business
- Yahoo
Google To Fund Three Nuclear Sites, Says The Move Will Allow Them To 'Move At The Speed Required To Meet This Moment Of AI And American Innovation'
Elementl Power announced a deal with Google to develop three new sites for advanced reactors on Wednesday Exact details remain private, but Google will be committing early-stage development capital in exchange for the option to purchase the power once the sites are complete The deal is the latest in a long string of tech companies partnering with nuclear power companies to fuel growth Nuclear power developer Elementl Power said Wednesday that it had signed a strategic agreement with Google to develop three sites for advanced reactors. 'Innovative partnerships like this are necessary to mobilize the capital required to build new nuclear projects, which are critical to deliver safe, affordable and clean baseload power and help companies advance their long-term net zero goals,' said Chris Colbert, Elementl Power's CEO. Don't Miss: 'Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — Exact details of the deal were not disclosed, but Google has agreed to commit early-stage development capital to advance the progression of the three projects. In exchange, the tech company will have the option to buy the power once the sites are complete and operational, the announcement said. "Google is committed to catalyzing projects that strengthen the power grids where we operate, and advanced nuclear technology provides reliable, baseload, 24/7 energy,' said Amanda Peterson Corio, Google's global head of data center energy, in Elementl's statement. "Our collaboration with Elementl Power enhances our ability to move at the speed required to meet this moment of AI and American innovation.' Elementl Power was founded in 2022 as a nuclear power project developer. The company has yet to build any sites. It also hasn't chosen what reactors it will use in future projects, according to CNBC, instead opting to wait and see which reactor technology is furthest along in development when the time comes. Trending: Nancy Pelosi Invested $5 Million In An AI Company Last Year — Once these proposed projects reach final investment stages, Google and Elementl Power will work together to find other sources of capital, according to the statement. Each project is aiming for at least 600 MW of capacity. The number is in line with Elementl Power's overall goal of adding 10 GW of power to the nuclear grid by 2035. This is not the first nuclear power deal Google has made within the last year. In October, it said it would be buying power from small modular power reactor company Kairos Power. At the time, Google said that the first reactor would be online by 2030, with more following through need for new power sources to support data centers has been a concern among tech giants for some time. Kevin Miller, Amazon's (NASDAQ:AMZN) vice president of global data centers, told CNBC last month, "We continue to see very strong demand [for power], and we're looking both in the next couple years as well as long term and seeing the numbers only going up." At the same time, Anthropic co-founder Jack Clark told CNBC "we're seeing... tremendous growth in the need for new baseload power. We're seeing unprecedented growth." He predicted that 50 GW of new power capacity, which is equivalent to 50 new nuclear plants, will be needed by 2027 to support AI growth. Read Next:Deloitte's fastest-growing software company partners with Amazon, Walmart & Target – Image: Shutterstock UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? (AMZN): Free Stock Analysis Report This article Google To Fund Three Nuclear Sites, Says The Move Will Allow Them To 'Move At The Speed Required To Meet This Moment Of AI And American Innovation' originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Sign in to access your portfolio
