JPMorgan Chase and Brookfield Renewable, on this October’s press release announced a five-year energy agreement to supply clean, renewable electricity to more than 500 of JPMorgan Chase’s real estate operations in the state of New York. Brookfield Renewable, which is, together with its institutional partners, owner and operator of one of the world’s largest publicly traded renewable energy platforms, will provide service directly from its hydroelectric facilities. Under the terms of this agreement, 90 percent of the bank’s operations in New York State, from Rochester to Brooklyn, will depend on these facilities to meet its electricity needs.
“Brookfield Renewable’s agreement with JPMorgan Chase to decarbonize its New York operations reflects our flexible approach to working with companies to meet sustainability commitments,” said Brookfield Renewable’s CEO for the US. “The transaction demonstrates the ability to Brookfield Renewable to address the diverse needs of renewable supply customers in the wholesale and retail energy markets. “
Power delivered to JPMorgan Chase facilities will be tracked megawatt-by-megawatt in real time leveraging sophisticated energy-tracking technology, allowing the company’s statewide electricity demand to match the power generated by the facilities. Brookfield Renewable hydroelectric plants.
The agreement helps advance JPMorgan Chase’s commitment announced in 2017 to generate renewable energy annually for 100 percent of its global energy needs beginning in 2020. Brookfield Renewable’s hydropower supply in New York is part of a renewable portfolio diversified of more than 900 megawatts in the state that also includes wind and solar facilities. These renewable supplies are critical to achieving the state’s goal of obtaining 70 percent of its electricity needs from emission-free resources by 2030, as required by the Climate Leadership and Community Protection Act.
“Advancing sustainable practices in our own operations is a key component of JPMorgan Chase’s commitment to sustainability and a transition to a low-carbon economy,” said Michael Norton, global director of property management at JPMorgan Chase. “This collaboration in a dynamic energy market also plays an important role in promoting greener operating practices throughout New York City, the company’s global headquarters.”
About Brookfield Renewable
Brookfield Renewable operates one of the largest purely listed renewable energy platforms in the world. Its portfolio consists of hydroelectric, wind, solar and storage facilities in North America, South America, Europe and Asia, and totals more than 19,000 megawatts of installed capacity and a development pipeline of 18,000 megawatts.
Investors can access the Brookfield Renewable portfolio through Brookfield Renewable Partners L.P. (NYSE: BEP; TSX: BEP.UN), a Bermuda-based limited partnership, or Brookfield Renewable Corporation (NYSE, TSX: BEPC), a Canadian corporation. Important information can be disseminated exclusively through the websites; Investors should consult the sites to access this information. Brookfield Renewable Partners L.P. and Brookfield Renewable Corporation are the flagship renewable energy issuers of Brookfield Asset Management, a leading global alternative asset manager with approximately $ 550 billion of assets under management.
About JPMorgan Chase
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services company with assets of $ 3.2 trillion and operations around the world. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world’s leading corporate, institutional and government clients under its J.P. Morgan and Chase.