Brookfield executes Hydro Framework Agreement and power purchase agreements with Google

Client(s) Brookfield Asset Management Ltd. and Brookfield Renewable

Jones Day advised Brookfield Asset Management and Brookfield Renewable (Brookfield) on first-of-its-kind Hydropower Framework Agreement (HFA) with Google 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. 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 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.

Jones Day also advised Brookfield on the first two contracts executed under the HFA - two 20-year power purchase agreements (PPAs) for financially-settled energy and bundled renewable energy certificates (RECs) from Brookfield's Holtwood and Safe Harbor hydroelectric facilities in Pennsylvania, representing more than $3 billion of power and 670 MW of capacity. The PPAs will support Brookfield's relicensing and continued operation of the facilities and Google's operations across the Pennsylvania-New Jersey-Maryland Interconnection (PJM) region.