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Brookefield Renewables - Outgoing CEO, Sachin Shah - The Market Herald Canada
Outgoing CEO, Sachin Shah
Source: Finance Colombia
  • Asset management firm Brookfield Renewable (BEP.UN) has signed a green power agreement with Nasdaq-listed hydrogen fuel-cell developer Plug Power
  • Through the agreement, Brookfield and its associate partners will provide 100 per cent renewable generated energy to Plug Power’s planned green hydrogen production plant in North America
  • The plant will be the first of its kind in the region, producing around 10 tonnes of pure green liquid hydrogen each day for use as a zero-carbon energy source
  • The deal is part of part of Plug Power's aim to reach 50 per cent renewable power for its hydrogen assets by 2024
  • Brookfield Renewable (BEP.UN) is down 0.91 per cent and is trading at C$60.07 per share

Asset management firm Brookfield Renewable (BEP.UN) has signed a green power agreement with Nasdaq-listed hydrogen fuel cell developer Plug Power.

Through the agreement, Brookfield Renewable and its associate partners will provide energy supplies to Plug Power’s planned green hydrogen production plant, in North America.

The plant will be the first of its kind in the region, producing around 10 tonnes of pure green liquid hydrogen each day to for use as a zero-carbon energy supply.

As a pure-play renewable power platform, Brookfield will provide 100 per cent renewable electricity to the site through its network of green energy assets, as part of Plug Power's aim of reaching 50 per cent renewable power for its hydrogen assets by 2024.

Alongside the power supply agreement, the two companies continue to discuss possible future hydrogen opportunities, though the specifics and likelihood of a subsequent deal remains unclear.

Andy Marsh, CEO of Plug Power, said the company was excited be partnering with Brookfield Renewable and hopes to build upon the new relationship in the coming years.

 “This marks important progress in our steady march to achieve our overall hydrogen strategy of building green liquid hydrogen generation facilities with strategic partners in the U.S. and globally thereafter,” he added.

Meanwhile, Brookfield Renewable U.S. Chief Executive Officer Mitch Davidson, was excited to support one of North America’s first industrial-scale green hydrogen production plants.

“This transaction is a testament to Brookfield Renewable’s uniquely diversified portfolio and commitment to sustainability and decarbonization efforts globally,” he said.

Brookfield Renewable (BEP.UN) is down 0.91 per cent and is trading at C$60.07 per share at 11:09am EDT.


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