Brookfield has signed a power purchase agreement (PPA) with Canary Wharf Group (CWG) covering output from a planned 60MW wind farm in the UK.
The proposed wind farm that will supply the Canary Wharf PPA is part of Brookfield’s pipeline of UK wind projects and is expected to be commissioned by 2026.
Brookfield was awarded the agreement following a competitive tender process.
The 15-year agreement will provide CWG with 70% of its electricity consumption and long-term price certainty.
The partnership between Brookfield and CWG also creates the potential to provide power to all residents, office occupiers and retailers across the 150 acres of Canary Wharf entirely by renewable energy.
CWG has procured renewable electricity for the estate since 2012.
However, renewable energy PPAs, signed directly with project developers rather than bought through retail energy suppliers, allow CWG more control through guaranteeing the source, and supporting the overall supply of renewable energy in the UK.
Brookfield has over 25,000MW of installed capacity across five continents and provides energy directly to more than 700 corporate customers.
Brookfield is also one of the world’s largest investors in real estate, including a 50% stake in CWG acquired in 2014.
Tom O’Brien, Managing Partner and Chief Executive Officer of Brookfield’s Renewable Power & Transition Group, said: “We are pleased to be partnering with CWG on this PPA to help develop a new onshore windfarm in the UK.
“It is important that we continue to invest in and build the infrastructure required to help businesses accelerate their transition to cleaner forms of energy and achieve their net-zero targets.
“This PPA with CWG ensures their entire estate, including their customers, have access to reliable renewable power, with flexibility to expand as the CWG estate grows.”