Google (NASDAQ: GOOGL) secures $3 billion U.S. hydropower deal, largest ever

Google has reached an agreement to secure up to 3 gigawatts of U.S. hydropower in what represents the world’s largest corporate clean power deal for hydroelectricity, the company announced Tuesday.

The agreement between Google and Brookfield Asset Management (TSX: BAM) includes initial 20-year power purchase agreements worth $3 billion for electricity generated from two hydropower facilities in Pennsylvania.

Ruth Porat, president and chief investment officer at Google parent company Alphabet (NASDAQ: GOOGL), is expected to discuss the agreement at an AI summit in Pittsburgh. U.S. President Donald Trump is scheduled to attend the event, where $70 billion in AI and energy investments are expected to be announced.

“This collaboration with Brookfield is a significant step forward, ensuring clean energy supply in the PJM region where we operate,” said Amanda Peterson Corio, Google’s head of data center energy, in a statement.

This deal comes as technology companies intensify their search for substantial amounts of clean electricity to power data centers needed for artificial intelligence and cloud computing. This growing demand has pushed U.S. power consumption to record levels after nearly two decades of stagnation.