Brookfield And Google Announces Hydro Framework Agreement To Deliver Up To 3,000 MW Of Carbon-Free Hydroelectric Capacity Across United States

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, 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 $3 billion of power and 670 MW of capacity.

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.