Tech magnate Microsoft has paired up with Canadian asset management company Brookfield to collaborate on new renewable energy projects, according to a press statement released by Brookfield.
This collaboration aims to accelerate the clean-tech capacities as well as help Microsoft achieve its goals on sustainability.
Brookfield and Microsoft’s joint project would span over five years, and according to the press release, “outlines plans for the development of over 10.5 gigawatts of new renewable energy capacity,” worth more than $10 billion.
“The agreement between Brookfield and Microsoft is rooted in the two companies’ shared goals to decarbonize global energy supplies and reduce carbon emissions,” Brookfield shared.
The US is expected to see rapid rise in power consumption due to the need for new data centers required for artificial intelligence, following two decades of moderate growth. Exelon Corp., a power provider, forecast last month that the demand for electricity from data centers alone in the Chicago region would increase by 900%, Bloomberg reports.
Technology businesses are faced with a hurdle in securing more power supply while also decreasing emissions, given the extreme prediction. According to Bloomberg, by 2030, Microsoft wants to have purchased all of its power from sources that produce no carbon emissions.
A Microsoft representative told Reuters that the agreement serves as a mechanism for Brookfield to provide additional renewable energy capacity in the U.S. and Europe between 2026 and 2030.
