06:54 AM EDT, 05/01/2024 (MT Newswires) -- Brookfield Asset Management ( BAM ) , together with Brookfield Renewable (BEP-UN.TO, BEPC.TO) and Microsoft (NDAQ: MSFT) signed Wednesday a global renewable energy framework agreement to contribute to Microsoft's goal of having 100% of its electricity consumption, 100% of the time, matched by zero carbon energy purchases by 2030.

The agreement between Brookfield and Microsoft is "rooted in the two companies' shared goals to decarbonize global energy supplies and reduce carbon emissions," Brookfield said in a statement. Having contracted almost one gigawatt of renewable capacity to date outside of the agreement, this agreement builds on the strong collaboration and extends it into the future, the statement said.

Wednesday's statement said the agreement provides a pathway for Brookfield to deliver over 10.5 gigawatts of new renewable energy capacity between 2026 and 2030 in the U.S. and Europe. It added the agreement includes the potential to increase its scope to deliver additional renewable energy capacity within the U.S. and Europe, and beyond to Asia-Pacific, India, and Latin America, and provides an incentive for Brookfield to build a large portfolio of new renewable energy projects over the coming years.

The agreement, Wednesday's statement said, provides Microsoft with access to a pipeline of new renewable energy capacity to support the growing demand for cloud services at home and at work. It added: "The scale of the new capacity from Brookfield will contribute to the decarbonization of the grid and accelerate the global shift to renewable energy solutions within the cloud industry. The agreement will not only focus on wind and solar, but also new or impactful carbon free energy generation technologies."

"This first of its kind agreement, which is almost eight times larger than the largest single corporate PPA ever signed, is a testament to our ability to reliably deliver clean power solutions at scale to our corporate partners and accelerate the energy transition," said Connor Teskey, CEO of Brookfield Renewable and President of Brookfield Asset Management ( BAM ).