JPMorgan Chase and Brookfield Renewable announced a five-year energy agreement for supplying clean, renewable electricity to over 500 of JPMorgan Chase’s real estate operations in New York State. Brookfield Renewable, which is, together with its institutional partners, an owner and operator of one of the world’s largest publicly traded renewable power 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, ranging from Rochester to Brooklyn, will rely on these facilities to meet their electricity needs.
“Brookfield Renewable’s agreement with JPMorgan Chase to decarbonize its New York operations reflects our flexible approach to working with firms to deliver on sustainability commitments,” said Brookfield Renewable U.S. Chief Executive Officer Mitch Davidson. “The transaction demonstrates Brookfield Renewable’s ability to address diverse customer needs for renewable supply across both wholesale and retail energy markets.”
The energy delivered to JPMorgan Chase facilities will be tracked megawatt-by-megawatt in real time by leveraging sophisticated energy tracking technology, allowing the company’s electricity demand across the state to be matched to power generated from Brookfield Renewable’s hydroelectric facilities.
The deal helps to advance JPMorgan Chase’s commitment announced in 2017 to annually source renewable energy for 100 percent of its global power needs starting in 2020. Brookfield Renewable’s supply of hydropower in New York is part of an over 900-megawatt diversified renewable portfolio 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 emissions-free resources by 2030, as mandated under 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 Head of Property Management at JPMorgan Chase. “This collaboration in a dynamic power market also plays an important role in promoting more green operational practices throughout New York City – the firm’s global headquarters.”