<p><strong>字母表</strong>(GOOG 0.34%)(GOOGL 0.35%) 的子公司谷歌需要大量电力来支持其云计算和人工智能（AI）业务。这使得这家科技巨头不得不从电力供应商那里确保电力供应。它最近与 <strong>布鲁克菲尔德可再生能源</strong>(BEPC 5.94%)(BEP 6.25%) 签署了一项大规模的电力购买协议（PPA），用于美国的水电。</p>
<p>以下是这项交易将如何使两家公司受益。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjUxMTEvZ2V0dHlpbWFnZXMtMTc3MzMyNDM2LTEyMDB4ODAwLTViMmRmNzkuanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjUxMTEvZ2V0dHlpbWFnZXMtMTc3MzMyNDM2LTEyMDB4ODAwLTViMmRmNzkuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>接入清洁可靠的能源来源</h2>
<p>像字母表的谷歌这样的科技公司有着独特的能源需求。它们的数据中心需要 24/7 不间断的电力供应。同时，谷歌和许多其他大型科技公司一样，承诺仅使用无碳能源运营。在谷歌的情况下，它的目标是到 2030 年实现这一雄心勃勃的目标。考虑到可再生能源的间歇性（太阳落山；风力不稳定），公司需要确保有足够的可靠的无碳能源供应来实现其目标。</p>
<p>这使得这家科技巨头转向水电，以帮助满足其部分电力需求。这种被低估的电力来源可以为其提供所需的 24/7 基础负荷电力，且来源于无碳能源。</p>
<p>谷歌与布鲁克菲尔德签署了一项首创的水电框架协议，将为这家科技公司提供高达 3 吉瓦的无碳水电容量。这是全球最大的企业清洁电力水电交易。根据协议，布鲁克菲尔德将最初向谷歌提供其在宾夕法尼亚州的好莱坞和安全港水电设施的所有电力。这项为期 20 年的 PPA 涵盖 670 兆瓦的容量，代表超过 30 亿美元的电力。</p>
<p>根据协议，谷歌可以在未来获得高达 3 吉瓦的无碳电力，具体取决于布鲁克菲尔德未来的供应情况。随着布鲁克菲尔德的水电资产现有的 PPA 到期，公司可以获得这部分额外的容量。布鲁克菲尔德还可以对其现有资产进行改造或升级，以向电网提供更多清洁电力，得到谷歌的 PPA 支持。</p>
<p>这项交易是确保谷歌拥有支持其数据中心运营和环境目标所需的清洁可靠电力的重要一步。</p>
<h2>支持布鲁克菲尔德的有机增长</h2>
<p>与谷歌的交易对布鲁克菲尔德也具有重要意义，布鲁克菲尔德是全球最大的水电运营商之一。与谷歌的框架协议为公司做了两件事。它增加了公司的现金流，并为公司提供了释放其美国水电资产价值的机会。</p>
<p>布鲁克菲尔德拥有大量的传统清洁电力发电资产，这些资产通过长期 PPA 获得保障。这些协议为公司提供了稳定且不断增长的现金流，因为大多数 PPA 将电价与通货膨胀挂钩。然而，由于电力需求激增，电价上涨的速度超过了通货膨胀。这为布鲁克菲尔德提供了在传统 PPA 到期时锁定更高价格的机会。</p>
<p>在去年秋季的投资者日上，布鲁克菲尔德强调，它有大约 3 吉瓦的水电容量的 PPA 将在未来五年到期。现在，它在与谷歌的框架协议下有了所有这些电力的潜在买家。公司估计，仅为其水电发电能力获得新的 PPA，每年可能为其运营资金（FFO）增加高达 1 亿美元，或每年约 2% 的每股收益。这还不包括通货膨胀驱动的电价上涨，预计每年将为其每股 FFO 增加 2% 到 3%。</p>
<p>公司指出，锁定未来 PPA 的更高价格将增加其水电资产的基础价值。这将使布鲁克菲尔德能够在这些设施上增加额外融资，用于资助新的投资，如开发项目和收购。公司估计，在未来五年内，通过重新签约这些设施，它可以从融资其传统美国水电资产中释放超过 30 亿美元的额外收益。谷歌的交易使其在实现这一目标方面处于强势地位。</p>
<p>获得新的融资并将收益投入新的投资可能进一步提升布鲁克菲尔德的 FFO 增长率。这项协议支持公司展望，预计在未来十年内每股 FFO 增长超过 10%。</p>
<h2>双赢的合作伙伴关系</h2>
<p>谷歌需要更多清洁电力来支持其云计算和 AI 业务。它正在寻求布鲁克菲尔德提供的水电来满足部分需求。这项交易对布鲁克菲尔德也是一个好消息，使其能够在未来 20 年内将大部分可用容量销售给一个强大的客户。这将锁定收益增长，同时使公司能够通过再融资释放其水电资产的价值。它可以利用这些收益支持其全球清洁电力投资组合的持续扩展。</p>

谷歌-A

谷歌-C

BEPC

<p>谷歌与 Brookfield Renewable 签署了一项重要的电力购买协议，以确保水电供应，旨在满足其在云计算和人工智能运营方面的巨大能源需求。这项协议是最大的企业清洁电力水电协议，将为谷歌提供高达 3 吉瓦的无碳能源，持续 20 年，增强其到 2030 年实现无碳能源运营的目标。对于 Brookfield 而言，这一合作关系提升了现金流，并有可能释放其水电资产的价值，支持其增长和财务前景</p>

<p><strong>Alphabet</strong>(GOOG 0.34%)(GOOGL 0.35%) subsidiary Google requires a substantial amount of power to support its cloud and artificial intelligence (AI) operations. That's leading the technology giant to secure electricity supplies from power providers. It recently signed a massive power purchase agreement (PPA) with <strong>Brookfield Renewable</strong>(BEPC 5.94%) (BEP 6.25%) for hydroelectric power in the U.S.</p>
<div class="lb-trans"><p><strong>字母表</strong>(GOOG 0.34%)(GOOGL 0.35%) 的子公司谷歌需要大量电力来支持其云计算和人工智能（AI）业务。这使得这家科技巨头不得不从电力供应商那里确保电力供应。它最近与 <strong>布鲁克菲尔德可再生能源</strong>(BEPC 5.94%)(BEP 6.25%) 签署了一项大规模的电力购买协议（PPA），用于美国的水电。</p>
</div><p>Here's how the deal will benefit both companies.</p>
<div class="lb-trans"><p>以下是这项交易将如何使两家公司受益。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjUxMTEvZ2V0dHlpbWFnZXMtMTc3MzMyNDM2LTEyMDB4ODAwLTViMmRmNzkuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F825111%2Fgettyimages-177332436-1200x800-5b2df79.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>Plugging into a clean and reliable energy source</h2>
<div class="lb-trans"><h2>接入清洁可靠的能源来源</h2>
</div><p>Technology companies like Alphabet's Google have distinct energy needs. Their data centers require a steady stream of power 24/7. Meanwhile, Google, like many other large tech companies, has pledged to operate solely on carbon-free energy. In Google's case, it aims to achieve that ambitious goal by 2030. Given the intermittency of renewable energy sources (the sun sets; the wind isn't constant), the company needs to ensure it has an adequate supply of reliable, carbon-free energy to achieve its goals.</p>
<div class="lb-trans"><p>像字母表的谷歌这样的科技公司有着独特的能源需求。它们的数据中心需要 24/7 不间断的电力供应。同时，谷歌和许多其他大型科技公司一样，承诺仅使用无碳能源运营。在谷歌的情况下，它的目标是到 2030 年实现这一雄心勃勃的目标。考虑到可再生能源的间歇性（太阳落山；风力不稳定），公司需要确保有足够的可靠的无碳能源供应来实现其目标。</p>
</div><p>That's leading the tech titan to turn to hydropower to help supply some of its power needs. The underrated electricity source can provide it with the baseload 24/7 power it needs from a carbon-free source.</p>
<div class="lb-trans"><p>这使得这家科技巨头转向水电，以帮助满足其部分电力需求。这种被低估的电力来源可以为其提供所需的 24/7 基础负荷电力，且来源于无碳能源。</p>
</div><p>Google inked a first-of-its-kind hydro framework agreement with Brookfield, which will provide up to 3 gigawatts of carbon-free hydroelectric capacity in the U.S. to the technology company. That's the world's largest corporate clean power deal for hydroelectricity. Under the agreement, Brookfield will initially provide Google with all the power from its Hollywood and Safe Harbor hydro facilities in Pennsylvania. The 20-year PPAs cover 670 megawatts of capacity, representing more than $3 billion of power.</p>
<div class="lb-trans"><p>谷歌与布鲁克菲尔德签署了一项首创的水电框架协议，将为这家科技公司提供高达 3 吉瓦的无碳水电容量。这是全球最大的企业清洁电力水电交易。根据协议，布鲁克菲尔德将最初向谷歌提供其在宾夕法尼亚州的好莱坞和安全港水电设施的所有电力。这项为期 20 年的 PPA 涵盖 670 兆瓦的容量，代表超过 30 亿美元的电力。</p>
</div><p>Under the agreement, Google can secure up to 3 GW of carbon-free electricity from Brookfield as it becomes available in the future. The company can obtain this additional capacity as existing PPAs on Brookfield's hydro assets expire. Brookfield could also overhaul or upgrade its existing assets to provide more clean power to the grid, supported by Google's PPAs.</p>
<div class="lb-trans"><p>根据协议，谷歌可以在未来获得高达 3 吉瓦的无碳电力，具体取决于布鲁克菲尔德未来的供应情况。随着布鲁克菲尔德的水电资产现有的 PPA 到期，公司可以获得这部分额外的容量。布鲁克菲尔德还可以对其现有资产进行改造或升级，以向电网提供更多清洁电力，得到谷歌的 PPA 支持。</p>
</div><p>The deal is a crucial step in ensuring that Google has the clean and reliable power it needs to support its data center operations and environmental goals.</p>
<div class="lb-trans"><p>这项交易是确保谷歌拥有支持其数据中心运营和环境目标所需的清洁可靠电力的重要一步。</p>
</div><h2>Supporting Brookfield's organic growth</h2>
<div class="lb-trans"><h2>支持布鲁克菲尔德的有机增长</h2>
</div><p>The deal with Google is also significant for Brookfield, which is one of the world's largest hydroelectric power operators. The framework deal with Google does two things for the company. It increases its cash flow and provides the company with opportunities to unlock the value of its U.S. hydro assets.</p>
<div class="lb-trans"><p>与谷歌的交易对布鲁克菲尔德也具有重要意义，布鲁克菲尔德是全球最大的水电运营商之一。与谷歌的框架协议为公司做了两件事。它增加了公司的现金流，并为公司提供了释放其美国水电资产价值的机会。</p>
</div><p>Brookfield has a vast portfolio of legacy clean power generating assets secured by long-term PPAs. These agreements provide the company with stable and growing cash flows, as most of its PPAs index power rates to inflation. However, due to surging power demand, electricity prices are rising faster than inflation. That's providing Brookfield with the opportunity to lock in higher prices as legacy PPAs expire.</p>
<div class="lb-trans"><p>布鲁克菲尔德拥有大量的传统清洁电力发电资产，这些资产通过长期 PPA 获得保障。这些协议为公司提供了稳定且不断增长的现金流，因为大多数 PPA 将电价与通货膨胀挂钩。然而，由于电力需求激增，电价上涨的速度超过了通货膨胀。这为布鲁克菲尔德提供了在传统 PPA 到期时锁定更高价格的机会。</p>
</div><p>At its investor day last fall, Brookfield highlighted that it had about 3 GW of hydroelectric capacity on PPAs that expire over the next five years. It now has a likely buyer for all this power under its framework agreement with Google. The company estimated that securing new PPAs for its hydro generation capacity alone could add up to $100 million annually to its funds from operations (FFO), or about 2% per share each year. That's in addition to inflation-driven rate increases, which should add another 2% to 3% to its annual FFO per share.</p>
<div class="lb-trans"><p>在去年秋季的投资者日上，布鲁克菲尔德强调，它有大约 3 吉瓦的水电容量的 PPA 将在未来五年到期。现在，它在与谷歌的框架协议下有了所有这些电力的潜在买家。公司估计，仅为其水电发电能力获得新的 PPA，每年可能为其运营资金（FFO）增加高达 1 亿美元，或每年约 2% 的每股收益。这还不包括通货膨胀驱动的电价上涨，预计每年将为其每股 FFO 增加 2% 到 3%。</p>
</div><p>The company noted that locking in higher pricing on future PPAs would increase the underlying value of its hydroelectric assets. That would enable Brookfield to layer in additional financing on those facilities, which it could use to fund new investments such as development projects and acquisitions. The company estimated that it could unlock over $3 billion in additional proceeds from financing its legacy U.S. hydro assets over the next five years as it recontacted those facilities. The Google deal puts it in a strong position to achieve this target.</p>
<div class="lb-trans"><p>公司指出，锁定未来 PPA 的更高价格将增加其水电资产的基础价值。这将使布鲁克菲尔德能够在这些设施上增加额外融资，用于资助新的投资，如开发项目和收购。公司估计，在未来五年内，通过重新签约这些设施，它可以从融资其传统美国水电资产中释放超过 30 亿美元的额外收益。谷歌的交易使其在实现这一目标方面处于强势地位。</p>
</div><p>Securing new financing and deploying the proceeds into new investments could further enhance Brookfield's FFO growth rate. This agreement helps support the company's outlook that it can deliver more than 10% annual FFO per-share growth over the next decade.</p>
<div class="lb-trans"><p>获得新的融资并将收益投入新的投资可能进一步提升布鲁克菲尔德的 FFO 增长率。这项协议支持公司展望，预计在未来十年内每股 FFO 增长超过 10%。</p>
</div><h2>A win-win partnership</h2>
<div class="lb-trans"><h2>双赢的合作伙伴关系</h2>
</div><p>Google needs more clean power to support its cloud and AI businesses. It's turning to hydropower supplied by Brookfield to meet some of that need. That deal will also be a boon for Brookfield, enabling it to sell most of its available capacity to a strong customer for the next two decades. That will lock in earnings growth while also positioning the company to unlock the value of its hydro assets via refinancing. It can use those proceeds to support the continued expansion of its global clean power portfolio.</p>
<div class="lb-trans"><p>谷歌需要更多清洁电力来支持其云计算和 AI 业务。它正在寻求布鲁克菲尔德提供的水电来满足部分需求。这项交易对布鲁克菲尔德也是一个好消息，使其能够在未来 20 年内将大部分可用容量销售给一个强大的客户。这将锁定收益增长，同时使公司能够通过再融资释放其水电资产的价值。它可以利用这些收益支持其全球清洁电力投资组合的持续扩展。</p>
</div>

Google Is Spending Billions to Plug Into This Underrated Power Source

- Google 与 Brookfield 签署了全球最大清洁水电购电协议。  
- 协议将为 Google 提供高达 3 吉瓦的碳中和电力，支持其数据中心运营。  
- Brookfield 预计此协议将增加其现金流，并提升水电资产的价值。  

谷歌正在投入数十亿美元以利用这一被低估的电力来源