Brookfield Asset Management, its listed renewable energy business and Microsoft have signed one of the largest renewable energy agreements, developing more than 10.5 gigawatts of new capacity between 2026 and 2030 in the U.S. and Europe, a spokesman said.
The new contract will help fuel Microsoft’s cloud and artificial intelligence services, a joint news release shows. The latest deal adds to an earlier contract to deliver nearly one gigawatt of renewable energy capacity.
“As the global trend of digitalization and the adoption of AI continues to drive growth in demand for electricity, we are thrilled to collaborate with Microsoft to support their customer demand,” said Connor Teskey, a president of Brookfield Asset Management and CEO of Brookfield’s Renewable power and transition business.
Deriva Energy, a Brookfield portfolio company formerly known as Duke Energy Renewables, will provide a sizable portion of Microsoft's renewable energy capacity across the U.S., a separate news release said.
The agreement will also help Microsoft achieve its goal of having 100% of its electricity consumption, 100% of the time, matched by zero carbon energy purchases by 2030, the release said.
Brookfield Asset Management has about $900 billion in assets under management across renewable power and transition, infrastructure, private equity, real estate and credit.
