Microsoft, Brookfield to partner on renewable energy projects

(Reuters) - Canada’s Brookfield Asset Management said on Wednesday it will develop new wind and solar farms, with backing from tech giant Microsoft in an attempt to bring 10.5 gigawatts of generating capacity online.

Microsoft expects its partnership with Brookfield to help finance the creation of renewable electricity projects to be built between 2026 and 2030, beginning in the U.S. and Europe, the Financial Times reported earlier.

Brookfield confirmed the FT report, but did not immediately provide further details regarding the deal.

The 10.5 gigawatts of new capacity would cost more than $10 billion, the newspaper said, based on recent industry trends.

The deal underscores the race to meet clean energy commitments while satisfying the voracious energy demand of cloud computing and artificial intelligence.  

Microsoft did not respond to a Reuters request for comment outside business hours.

(Reporting by Mrinmay Dey and Surbhi Misra in Bengaluru; Editing by Sherry Jacob-Phillips and Rashmi Aich)