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In a significant move for sustainable energy development,
Toronto-based Brookfield Asset Management Inc. (NYSE: BAM; TSX: BAM) alongside its subsidiary, Brookfield Renewable (NYSE: BEP, BEPC; TSX: BEP.UN, BEPC), and tech giant Microsoft Corporation (NDAQ: MSFT) have launched a strategic collaboration to substantially boost renewable energy generation. This groundbreaking partnership aims to create an impressive 10.5 gigawatts of fresh renewable energy sources, marking a revolutionary stride in the realm of corporate environmental responsibility and the pursuit of green energy.
Looking ahead, the alliance envisions a dynamic five-year blueprint that plans for the acceleration of renewable energy production throughout essential territories such as the United States and Europe, with prospects for growth in the Asia-Pacific, India, and Latin America regions. This venture is set to dwarf the record for the largest single corporate Power Purchase Agreement (PPA) by nearly eightfold, as noted by Bloomberg New Energy Finance (BNEF).
Brookfield Renewable Chief Executive Officer and Brookfield Asset Management President, Connor Teskey, voiced his excitement over the initiative, stating, “Joining forces with Microsoft enables us to meet their consumer demand by establishing over 10.5 gigawatts of renewable energy sources. This unprecedented agreement illustrates our commitment to delivering scalable clean energy solutions to our business allies and propelling the shift to sustainable energy.”
Catalyzing Progress Towards Carbon Neutrality
Adrian Anderson, General Manager of Renewables, Carbon Free Energy, and Carbon Dioxide Removal (CDR) at Microsoft, commented on the critical nature of the venture. “At Microsoft, we aim to forge a positive, enduring impact on the global electricity market using our significant buying power and influence. This innovative alliance with Brookfield is key to enriching worldwide energy grids and fulfills our ambition to match 100% of our electrical consumption with zero carbon energy purchases consistently by the year 2030,” he remarked.
Brookfield Asset Management, renowned for its $900 billion in managed assets, specializes in alternative asset investments spanning across critical sectors such as renewable energy, infrastructure, private equity, real estate, and credit, cementing the foundations of the global market.
Meanwhile, Brookfield Renewable stands at the forefront of renewable energy and eco-friendly initiatives, managing an extensive portfolio that includes hydroelectric, wind, large-scale solar, and storage assets. With an operational capacity of roughly 33,000 megawatts and a developmental pipeline estimated to be about 155,400 megawatts, the company is steadfast in its commitment to fostering a greener, more sustainable future.
Contact information for further inquiries:
Microsoft Corporation: rapidresponse@we-worldwide.com
Brookfield Asset Management: Simon Maine (Media) simon.maine@brookfield.com, Alex Jackson (Investors) alexander.jackson@brookfield.com.
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