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Microsoft will buy more than 10.5 GW of clean energy from Brookfield Asset Management and its Brookfield Renewable unit (BEPC), the companies announced on Wednesday, May 1.

Shares of Brookfield Renewable were up 5.13% today, May 2, on the news. I added Brookfield Renewable to my Dividend Portfolio on March 26, 2024. The shares are up 10.82% since then as of the close on May 2. They pay a dividend of 5.52%.

“This first of its kind agreement, which is almost eight times larger than the largest single corporate [power purchase agreement] 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,” Connor Teskey, CEO of Brookfield Renewable and president of Brookfield Asset Management, said in a news release.

Between 2026 and 2030, Brookfield will deliver energy from wind, solar and “new or impactful carbon free energy generation technologies” to Microsoft in the United States and Europe. The agreement between the companies could expand in size and to locations outside the U.S. and Europe, they said.

Microsoft had previously contracted for about 1 GW of clean power from Toronto, Canada-based Brookfield, the companies said.

Across its global operations Microsoft had contracted for more than 13.5 GW of clean energy in 16 countries as of the end of 2022, according to its most recent sustainability report.

Brookfield owns about 33 GW of clean energy capacity, and its project development pipeline totals about 155.4 GW.

Microsoft, like other big cloud and AI companies including Amazon (AMZN) and Alphabet (GOOG), is looking for sources of green energy to meet the huge electricity demands of these technologies.