| World news US Brookfield and Google sign world’s largest hydropower framework agreement
Brookfield Asset Management and Google have signed a Hydro Framework Agreement (HFA) to deliver up to 3000MW of hydroelectric capacity across the United States. The deal marks the largest corporate agreement for hydroelectric power globally. The first phase of the agreement includes long-term power
purchase agreements (PPAs) for 670MW from Brookfield’s Holtwood and Safe Harbor hydroelectric plants in Pennsylvania. These contracts are valued at over $3 billion and will supply power to support Google’s operations in the PJM interconnection region. Under the 20-year PPAs, Brookfield will continue supplying
existing customers, including Amtrak, while allocating capacity to Google. Brookfield and Google will initially target the PJM and MISO markets, with the option to expand to other regions. The HFA enables Google to procure electricity from Brookfield- owned hydro facilities that are being relicensed or upgraded to extend their operational life and maintain grid contributions. This aligns with Google’s goal of achieving 24/7 carbon-free energy across its operations.
“At Google, we’re dedicated to responsibly growing the digital infrastructure that powers daily life for people, communities and businesses,” said Amanda Peterson Corio, Head of Data Center Energy at Google. “This collaboration with Brookfield is a significant step forward, ensuring clean energy supply in the PJM region where we operate. Hydropower is a proven, low-cost technology, offering dependable, homegrown, carbon-free electricity that creates jobs and builds a stronger grid for all.” Connor Teskey, President of Brookfield Asset Management, added: “Our partnership with Google demonstrates the critical role that hydropower can play in helping hyperscale customers meet their energy goals. Delivering power at scale and from a range of sources will be required to meet the growing electricity demands from digitalization and artificial intelligence.” Brookfield Renewable, a subsidiary of Brookfield Asset Management, operates one of the world’s largest publicly traded renewable energy platforms. Its portfolio includes hydroelectric, wind, utility-scale solar, and energy storage facilities.
US/Norway
US and Norway extend water power research partnership The US Department of Energy (DOE) has extended its agreement with Norway’s Royal Ministry of Energy to continue joint research and development in water power technologies. The extension builds on a Memorandum of Understanding (MOU) originally signed in 2020. That agreement connected DOE’s Water Power Technologies Office with Norway’s Research Centre for Hydropower Technology. The new annex broadens the collaboration to include marine energy, in addition to hydropower. “Strong partnerships drive innovation, and innovation strengthens America’s energy future,” said Energy Secretary Chris Wright. “Hydropower is a tremendous resource— one that supports reliable, affordable power across the country and holds vast potential to bolster America’s grid. By signing this Memorandum of Understanding with Norway, we are building upon our two nations’ shared expertise and advanced marine energy technologies to support President Trump’s pro-growth energy agenda for the American people.” The DOE said the partnership supports ongoing efforts to lower energy costs, improve grid security and reliability, and encourage innovation in line with directives from President Trump and Secretary Wright. “Hydropower and marine energy have
potential to reduce energy costs and improve the resilience of our electric grid,” said Principal Deputy Assistant Secretary for Energy Efficiency and Renewable Energy Lou Hrkman. “Our collaboration with Norway – another country that is rich in water power resources – will help us expand our generation capacity, upgrade existing facilities, and cultivate the technical
expertise we need to make the most of these opportunities.” Under the extended MOU, the two countries will continue sharing tools, data, and technologies to advance water power development and testing. The expansion into marine energy is expected to help unlock additional domestic energy sources, particularly in densely populated coastal areas.
China
China begins construction of world’s largest hydro project Construction has officially started on the Yarlung Zangbo Hydropower Project, Xinhua news agency has reported. The project is set to be the world’s largest hydropower project once complete, aiming to produce 300 billion kilowatt-hours of electricity annually, dwarfing the capacity of the Three Gorges Dam. Premier Li Qiang attended a groundbreaking
ceremony in Nyingchi City, in the southwestern Xizang Autonomous Region in July. Li, who is also a member of the Communist Party’s top leadership body, said the project marks a major step in the country’s energy development strategy. The ceremony was held at the dam site of the Mainling hydropower station, one of five planned cascade stations that make up the project. The total investment is estimated at approximately 1.2 trillion yuan (about US$ 167.8 billion). Officials from the National Development and Reform Commission, the Power Construction Corporation of China, and members of an expert advisory committee on the project were present. Local residents also attended. The hydropower project is designed primarily to transmit electricity to regions outside Xizang,
while also meeting local power needs. Separately, a ceremony was recently held in Beijing to launch China Yajiang Group Co., Ltd., which will oversee construction and operation of the project. Vice Premier Zhang Guoqing, also a member of the Political Bureau of the CPC Central Committee, attended that event.
Norway
Cloudberry finalises deal to create major Nordic small-scale hydro platform
Cloudberry Clean Energy ASA has completed a previously announced transaction with Swiss Life Asset Managers to form one of the largest small-scale hydropower platforms in the Nordics. The platform will operate under the name Forte Vannkraft AS (FVK), with Cloudberry holding a controlling interest of approximately 60%. As part of the agreement, Cloudberry contributed its entire hydropower portfolio and related projects to FVK as a non-cash contribution. The company’s 73GWh in estimated annual production and one project under construction were valued at an enterprise value of €53.2 million. Including platform value and projects, the total contribution was valued at €8.6 million. After adjustments, the equity value for Cloudberry’s contribution was €36.2 million. FVK’s hydropower assets, totalling 197GWh of annual estimated production, were valued at an enterprise value of €113.8 million. After adjustments, the equity value for the FVK portfolio was €24.2 million. In addition to its stake in FVK, Cloudberry has acquired a 5.01% share in the Forte Energy Norway (FEN) portfolio from a Swiss Life-managed fund, increasing its ownership in that portfolio to 55%. The purchase price was approximately €5
www.waterpowermagazine.com | August 2025 | 5
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45
