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					</table><p>Canada-based <a href="https://www.brookfield.com/" target="_blank" rel="noopener">Brookfield Asset Management</a>, along with <a href="https://bep.brookfield.com/" target="_blank" rel="noopener">Brookfield Renewable Partners</a>, has signed a global framework agreement with tech giant <a href="https://www.microsoft.com/en-gb" target="_blank" rel="noopener">Microsoft</a> to develop over 10.5 GW of new renewable power capacity, such as wind and solar farms, by 2030, as energy-intensive data centers powering artificial intelligence (AI) are expected to drive up electricity demand.</p>
<p>Data centers, AI, and cryptocurrencies are estimated to consume at least 1,000 TWh of electricity by 2026, more than doubling from 460 TWh in 2022, according to the <a href="https://www.iea.org/" target="_blank" rel="noopener">International Energy Agency</a>. The figure is roughly equivalent to Japan&#8217;s total electricity consumption.</p>
<p>The five-year agreement is nearly eight times larger than the biggest previous corporate renewable energy purchase ever recorded, the companies claimed. It is expected to help meet Microsoft&#8217;s goal of having 100% of its electricity consumption matched by zero-carbon sources by 2030.</p>
<p>Last year, the tech firm, which is also known for its cloud computing service Azure, acquired a stake in <a href="https://openai.com/" target="_blank" rel="noopener">OpenAI</a> – the company behind the generative ChatGPT that brought the term AI into the collective conscience.</p>
<p>The deal, which aims to help &#8220;decarbonize the grid,&#8221; underscores how AI&#8217;s insatiable appetite for computing power and electricity is becoming a major force shaping the renewable energy landscape at a time when the world is trying to transition away from fossil fuels.</p>
<p>&#8220;As the global trend of digitalization and the adoption of AI continues to drive growth in demand for electricity, we are thrilled to collaborate with Microsoft to support their customer demand…,&#8221; said Connor Teskey, CEO of Brookfield Renewable Partners, a subsidiary of the Brookfield Asset Management.</p>
<p>Adrian Anderson, Microsoft&#8217;s head of renewable energy procurement, said, &#8220;Microsoft wants to use our influence and purchasing power to create lasting positive impact for all electricity consumers.&#8221;</p>
<p>Brookfield currently has over $900 billion in assets under management, while Brookfield Renewable&#8217;s operating capacity stands at 33 GW, with more than 155 GW of projects in the development pipeline.</p>
<p>Last year,  Brookfield Renewable Partners <a href="https://www.mercomindia.com/totalenergies-adani-brookfield-top-global-solar-developers" target="_blank" rel="noopener">emerged</a> as one of the leading global large-scale solar photovoltaic project developers in Mercom Capital Group&#8217;s Leading Global Large-Scale Solar PV Developers report.</p>
<p>Previously, it had <a href="https://www.mercomindia.com/brookfield-acquire-dukes-renewables-business" target="_blank" rel="noopener">acquired </a>Duke Energy&#8217;s unregulated utility-scale commercial renewables business in the U.S. for approximately $2.8 billion.</p>


Brookfield to Set Up 10.5 GW Renewable Projects for Microsoft as AI Drives Demand


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					</table><p>U.S.-based renewables firm <a href="https://www.nexteraenergy.com/" target="_blank" rel="noopener">NextEra Energy</a> said its first-quarter net income rose 12% year-over-year to $2.27 billion and that it expects data centers to drive electricity demand higher.</p>
<p>The company has 3.5 GW in data center capacity operational and looks to add another 3 GW to 3.5 GW in its backlog from technology providers while seeing a 15% CAGR through the end of the decade for electricity demand from data centers.</p>
<p>“The re-domestication of industry to the U.S., supported by public policy, will drive the need for more electricity, and the tech industry is going to need data centers to support the expected cloud capacity demands that come with artificial intelligence applications,” said John Ketchum, NextEra&#8217;s Chairman, and CEO during a post-earnings conference call with analysts.</p>
<p>The Florida-based holding company for regulated retail utility Florida Power &amp; Light (<a href="https://www.fpl.com/" target="_blank" rel="noopener">FPL</a>) and renewables generation subsidiary <a href="https://www.nexteraenergyresources.com/" target="_blank" rel="noopener">NextEra Energy Resources</a> posted an adjusted net income surge from $2.08 billion last year.</p>
<p>The quarterly revenue, however, dipped 14.6% to $5.73 billion from $6.71 billion last year, partly due to lower contributions from NextEra Energy Resources.</p>
<p>NextEra’s revenue in Q1 dropped 33% to $1.87 billion from $2.79 billion, while FPL’s revenue dipped 2% to $3.83 billion from $3.92 billion in Q1 2023.</p>
<p>The company&#8217;s renewables backlog grew at a rapid clip in the quarter. NextEra Energy Resources added about 2,765 MW of new wind, solar, and energy storage projects to its backlog, marking its second-best quarter ever. Meanwhile, FPL placed 1,640 MW of solar into service.</p>
<p>FPL, NextEra&#8217;s Florida utility business serving more than 12 million customers, reported a net income of $1.87 billion in Q1, up 9% from $1.68 billion in the prior year. FPL&#8217;s growth was driven by continued investments in the business, with capital expenditures totaling around $2.3 billion in the quarter and strong customer growth.</p>
<p>FPL’s average number of customers rose by more than 100,000 from the comparable prior-year quarter, marking its strongest quarter of customer growth in over 15 years.</p>
<p>Meanwhile, NextEra Energy Resources, which generates clean energy from solar, wind, and nuclear power, saw its adjusted net income jump by 13% to $828 million from $732 million last year. The company&#8217;s total renewables backlog now stands at 21.5 GW, making it one of the biggest renewable energy firms in the world.</p>
<p>Last year, NextEra said it would <a href="https://www.mercomindia.com/nextera-sell-natural-gas-assets-focus-on-renewables" target="_blank" rel="noopener">focus</a> solely on growing its renewable energy portfolio and selling off its natural gas assets.</p>
<p>Its net income <a href="https://www.mercomindia.com/nextera-net-income-q2-23-higher-renewable" target="_blank" rel="noopener">rose</a> by more than 100% in the second quarter of last year, helped by the execution of growth initiatives by the company’s clean energy generation vertical.</p>


NextEra Energy’s Q1 Profit Rises 12%, Expects Higher Demand from Data Centers


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					</table><p><a href="https://www.plugpower.com/" target="_blank" rel="noopener">Plug Power</a>, a U.S.-based hydrogen fuel cell company, reported a revenue of $891 million for 2023, up 27% from the prior year, allaying fears about its ability to continue operations.</p>
<p>The company said it now has sufficient financial resources and liquidity to sustain its ongoing activities &#8220;for the foreseeable future.&#8221;</p>
<p>Last November, the company said that its cash reserves and available equity securities were inadequate to fund operations over the ensuing 12-month period.</p>
<p>The company posted a net loss of $1.37 billion, which nearly doubled from $724 million in 2022, as increased investments in growth weighed on profitability.</p>
<p>Plug Power said it is implementing a major strategic shift in 2024 aimed at significantly improving its cash position and driving towards profitability. The hydrogen fuel cell company plans to raise prices across its product lines, consolidate facilities, reduce headcount and inventory levels, and slow scaling of some new platforms.</p>
<p>&#8220;Recognizing past challenges with cash management, we are dedicated in 2024 to bolstering our financial profile,&#8221; said CEO Andy Marsh. &#8220;Our commitment to the hydrogen economy remains unwavering, but we will leverage existing investments with a prudent cash management approach.&#8221;</p>
<p>Plug expects these initiatives to reduce cash burn by over 70% from 2023 levels and achieve positive cash flow within the next 12 months, albeit with lower near-term revenue growth. The company is targeting $75 million in cost savings from a major restructuring.</p>
<p>To improve liquidity, the company filed for a $1 billion at-the-market equity offering while working to secure $1.6 billion in conditional loan commitments from the U.S. <a href="https://www.energy.gov/" target="_blank" rel="noopener">Department of Energy</a>.</p>
<p>During the earnings call with analysts, the company also said it is “engaged and planning” with “the three major data center operators” without naming them. It expects the demand for its green hydrogen fuel cell systems as backup power for data centers to rise, driven by artificial intelligence’s need for higher computing.</p>
<p>The company added that initial tests are planned for 2024, with significant deployments at scale anticipated in late 2025, as major data center operators like Amazon, Microsoft, and Google aim to reduce their carbon footprint and diesel usage.</p>
<p>In the third quarter, the company’s net loss <a href="https://www.mercomindia.com/plug-power-reports-hydrogen-supply-challenges-mount" target="_blank" rel="noopener">ballooned</a> by 66% as delays in plan executions hurt the bottom line. Significant cost escalations <a href="https://www.mercomindia.com/plug-power-q2-fy23-loss-widens" target="_blank" rel="noopener">widened</a> its losses in the previous quarter as well.</p>


Plug Power Resolves ‘Going Concern’ Doubts as 2023 Revenues Increase by 27%

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