Brookfield and Microsoft sign 10.5GW renewable energy offtake agreement

There is also the possibility of expanding the scope of the agreement and providing additional capacity in the United States, Europe and other markets such as Asia Pacific, India and Latin America.

This chart shows the leading utility-scale solar developers. Image source: PV Tech

Brookfield Asset Manager’s renewable energy division was one of the largest utility-scale solar developers last year, with nearly 18GW of operating or under construction capacity, as shown in the chart above.

Brookfield Renewables ranks first when only operating and under-construction capacity is considered, and third when contracted power is considered, according to a report by research firm Mercom Capital Group. French utility TotalEnergies leads the world with more than 41GW of operating, under construction and contracted electricity capacity.

Technology leading enterprise power purchase agreement

This is the latest offtake deal for Microsoft this year, as it has signed multiple solar power purchase agreements (PPAs) with developers Primergy (408MW), Recurrent Energy (127MW), Apex Clean Energy (125MW) and EDP Renewables (100MW) .

In recent years, companies such as Microsoft, Meta, Amazon and Google have been leaders in corporate power purchase agreements in the United States. As data centers with high power consumption levels continue to expand, technology companies have been seeking agreements to achieve their sustainability goals. Microsoft’s goal is that by 2030, all electricity used and all times will be powered by zero-carbon energy purchases.

Amazon, Meta and Google were among the world’s largest buyers of solar and wind energy last year, according to a recent report by Bloomberg New Energy Finance.

“As global trends in digitization and the adoption of artificial intelligence continue to drive growth in electricity demand, we are pleased to partner with Microsoft to support its customer needs by building more than 10.5GW of renewable energy capacity,” said Connor. Teskey, Chief Executive Officer of Brookfield Renewable Energy and President of Brookfield Asset Management.

“This is the first agreement of its kind and is nearly eight times the largest single corporate power purchase agreement ever signed, demonstrating our ability to reliably deliver clean energy solutions at scale to our corporate partners and accelerate energy transformation.

The offtake agreement covers ten times the capacity of a 1.1GW solar purchase agreement signed in Australia between mining company Rio Tinto and developer European Energy earlier this year.

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