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Brookfield Asset Management (BAM) and Google (NASDAQ:GOOG) (NASDAQ:GOOGL) on Tuesday unveiled a framework agreement to secure as much as 3,000 MW of hydroelectric capacity across the U.S., in what the companies said is the world’s largest corporate clean power deal for hydroelectricity.
The first contracts executed under the agreement are 20-year deals for Brookfield’s (BAM) Holtwood and Safe Harbor hydroelectric facilities in Pennsylvania, representing more than $3B of power and 670 MW of capacity.
Under the deal terms, Google (NASDAQ:GOOG) (NASDAQ:GOOGL) has the ability to procure 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, with the first assets consisting of hydroelectric facilities in Pennsylvania that Brookfield (BAM) is relicensing.
Brookfield (BAM) and Google (NASDAQ:GOOG) (NASDAQ:GOOGL) 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 agreement is part of an announcement of $70B of artificial intelligence and energy investments to be revealed Tuesday by the Trump administration.
Google (GOOG) (GOOGL) also plans to spend $25B in data centers across Pennsylvania and neighboring states over the next two years, Semafor reported.