Latest news with #RuthPorat
Yahoo
17-07-2025
- Business
- Yahoo
Google Just Signed the Biggest Hydropower Deal in Corporate History
Google (GOOGL, Financials) is locking in a massive amount of clean power and it's doing it with water. The company just announced a $3 billion agreement with Brookfield Asset Management ( to secure up to 3 gigawatts of U.S. hydropower, making this the largest-ever corporate deal of its kind for hydroelectric energy. Warning! GuruFocus has detected 6 Warning Sign with UBER. The power will come from two upgraded hydropower facilities in Pennsylvania, and the contracts will stretch out over 20 years. It's a big move aimed at feeding Google's growing appetite for clean electricity as it builds out AI-focused data centers across the Mid-Atlantic. That's not all according to Semafor, Google is also putting down $25 billion to expand its data infrastructure in Pennsylvania and nearby states over the next two years. "This collaboration with Brookfield is a significant step forward, ensuring clean energy supply in the PJM region where we operate," said Amanda Peterson Corio, who leads energy strategy for Google's data centers. The deal is part of a much bigger play. The company has already signed first-of-their-kind clean energy contracts including geothermal and advanced nuclear and is now working with PJM Interconnection, the U.S.'s largest grid operator, to speed up how quickly new power sources can come online using AI. Alphabet's president, Ruth Porat, is expected to talk more about the announcement this week at an AI summit in Pittsburgh. U.S. President Donald Trump will also attend, with total AI and energy-related investments at the event expected to hit $70 billion. Google said it's planning to expand this hydropower model to other states across the Mid-Atlantic and Midwest, making it a foundational part of how the company powers its AI future. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
TECHx
16-07-2025
- Business
- TECHx
Google Signs $3B Clean Energy Deal for Hydropower
Home » Latest news » Google Signs $3B Clean Energy Deal for Hydropower Google has announced a major clean energy agreement with Brookfield Asset Management to secure up to 3 gigawatts of U.S. hydropower. This marks the world's largest corporate clean power pact for hydroelectricity to date. The agreement includes 20-year power purchase contracts worth $3 billion. These contracts will support electricity generation from two hydropower facilities located in Pennsylvania. In addition, Google plans to invest $25 billion in data center infrastructure across Pennsylvania and nearby states over the next two years, according to a report by Semafor. The clean energy deal reflects the growing demand for renewable electricity across the tech sector. Companies like Google are working to power energy-intensive data centers that support artificial intelligence and cloud computing. As a result, U.S. power consumption is rising after nearly two decades of relative stability. Amanda Peterson Corio, Google's head of data center energy, said the collaboration with Brookfield is an important move to secure clean energy in the PJM region, where many of its data centers are located. The latest agreement builds on Google's earlier efforts in renewable power. Over the past year, the company has signed several first-of-their-kind power purchase agreements. These include deals for carbon-free geothermal and advanced nuclear energy. Moreover, Google is working with PJM Interconnection, the largest electricity grid operator in the U.S. The goal is to use artificial intelligence to speed up the process of integrating new clean energy supplies into the grid. Brookfield, through its renewable energy arm Brookfield Renewable Partners, owns the two hydropower sites in Pennsylvania. Both facilities will be upgraded and relicensed under the new arrangement. The framework agreement is expected to support Google's broader clean energy goals. The announcement comes ahead of an AI summit in Pittsburgh, where Alphabet President Ruth Porat is scheduled to speak. According to reports, U.S. President Donald Trump will also attend the summit. The event is expected to include announcements of up to $70 billion in combined AI and energy investments. Key highlights of the deal: 20-year hydropower purchase agreements totaling $3 billion $25 billion investment in regional data centers Upgrades and relicensing of two Pennsylvania hydropower sites The agreement signals continued momentum in the tech industry's shift toward long-term clean energy solutions. Source: Reuters
Time of India
16-07-2025
- Business
- Time of India
Google inks $3 billion US hydropower deal in largest clean energy agreement of its kind
Google has agreed to secure as much as 3 gigawatts of US hydropower in the world's largest corporate clean power pact for hydroelectricity, the company said on Tuesday, as Big Tech pursues the expansion of energy-hungry data centers. The deal between Google and Brookfield Asset Management includes initial 20-year power purchase agreements, totaling $3 billion, for electricity generated from two hydropower facilities in Pennsylvania. The tech giant will also invest $25 billion in data centers across Pennsylvania and neighboring states over the next two years, Semafor reported on Tuesday. The technology industry is intensifying the hunt for massive amounts of clean electricity to power data centers needed for artificial intelligence and cloud computing, which has driven US power consumption to record highs after nearly two decades of stagnation. Ruth Porat, president and chief investment officer at Google parent company Alphabet, is expected to discuss the news at an AI summit in Pittsburgh. US 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," Amanda Peterson Corio, Google's head of data center energy, said in a statement. Over roughly the last year, Google has struck several first-of-a-kind power purchase agreements, including for carbon-free geothermal energy and advanced nuclear. The company is also working with the country's largest electricity grid operator, PJM Interconnection, to use AI to speed up the process of hooking up new power supplies to the grid. In the latest deal, Google said it has signed an initial framework agreement with Brookfield, owner of Brookfield Renewable Partners, which develops and operates renewable energy plants . Its two hydropower sites in Pennsylvania will be upgraded and relicensed as part of the arrangement, the companies said. Google said it plans to expand the deal eventually beyond those sites to other parts of the Mid-Atlantic and Midwest.
The Hindu
16-07-2025
- Business
- The Hindu
Google inks $3 billion U.S. hydropower deal in largest clean energy agreement of its kind
Google has agreed to secure as much as 3 gigawatts of U.S. hydropower in the world's largest corporate clean power pact for hydroelectricity, the company said on Tuesday, as Big Tech pursues the expansion of energy-hungry data centers. The deal between Google and Brookfield Asset Management includes initial 20-year power purchase agreements, totaling $3 billion, for electricity generated from two hydropower facilities in Pennsylvania. The tech giant will also invest $25 billion in data centers across Pennsylvania and neighboring states over the next two years, Semafor reported on Tuesday. The technology industry is intensifying the hunt for massive amounts of clean electricity to power data centers needed for artificial intelligence and cloud computing, which has driven U.S. power consumption to record highs after nearly two decades of stagnation. Ruth Porat, president and chief investment officer at Google parent company Alphabet, is expected to discuss the news 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," Amanda Peterson Corio, Google's head of data center energy, said in a statement. Over roughly the last year, Google has struck several first-of-a-kind power purchase agreements, including for carbon-free geothermal energy and advanced nuclear. The company is also working with the country's largest electricity grid operator, PJM Interconnection, to use AI to speed up the process of hooking up new power supplies to the grid. In the latest deal, Google said it has signed an initial framework agreement with Brookfield, owner of Brookfield Renewable Partners, which develops and operates renewable energy plants. Its two hydropower sites in Pennsylvania will be upgraded and relicensed as part of the arrangement, the companies said. Google said it plans to expand the deal eventually beyond those sites to other parts of the Mid-Atlantic and Midwest.
Yahoo
16-07-2025
- Business
- Yahoo
Google Cloud pours more than $25B into domestic AI infrastructure
This story was originally published on CIO Dive. To receive daily news and insights, subscribe to our free daily CIO Dive newsletter. Google will spend more than $25 billion to build out data center and AI infrastructure across the Pennsylvania-based PJM Interconnection power grid in the next two years, the company said Tuesday at the inaugural Pennsylvanian Energy and Innovation Summit hosted by Senator Dave McCormick and attended by President Donald Trump. In addition to expanding its cloud footprint in a region that stretches contiguously across 13 states, including Illinois, New Jersey, Ohio and Virginia, the hyperscaler committed more than $3 billion to modernizing two hydropower plants located in Pennsylvania and launched an AI skills training initiative called AI Works for America. 'Google's investments announced today will increase energy abundance and empower Americans with the skills needed to thrive in the AI era,' Ruth Porat, president and chief investment officer of Google parent company Alphabet, said. 'We support President Trump's clear and urgent direction that our nation invest in AI infrastructure, technology and the energy to unlock its benefits so that America can continue to lead in AI.' As enterprises search for a return on investments in generative AI technologies, the major cloud providers are in a race to build AI data center capacity that's chewing through tens of billions of dollars every couple of months. Google plans to boost its capital investments by more than 40% year over year to $75 billion in 2025, CEO Sundar Pichai said in February, pointing to compute capacity constraints and growing demand for its cloud and AI services. In April, the company made a $3 billion commitment to facility buildouts in Virginia and Indiana, vowing to ramp up capacity 'to support customer needs and customer demands,' CFO Anat Ashkenazi said during an earnings call. Google's investments are feeding a spending spree that's expected to drive global spending on data centers to just under $600 billion this year, according to Dell'Oro Group. AWS and Microsoft pledged $100 billion and $80 billion, respectively, to capital investments earlier this year. Pennsylvania's power hub attracted $20 billion in AWS infrastructure investments last month, spurred in part by a federally endorsed AI infrastructure push called Stargate. Blackstone added to the funding blitz Tuesday, investing over $25 billion to build out the state's digital and energy infrastructure. The firm aims to catalyze an additional $60 billion in investments, according to the announcement. 'What makes us so excited about this area is the idea that you can colocate the data centers directly next to the source of power,' Blackstone President and COO Jon Gray said Tuesday at the summit. 'That's really the special sauce here … because building transmission lines, building pipelines, that's really difficult.' Last year, in an effort to bring more power into the grid, Microsoft partnered with Constellation Energy to initiate plans to restart a nuclear generation station at Pennsylvania's Three Mile Island facility. On Tuesday, Google inked an alliance with Westinghouse Electric Company to develop modular nuclear reactors using AI to power AI, the two companies said in an announcement. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
