Brookfield's US office space to shift to zero-emission power by 2026

Brookfield Properties unveiled earlier this week a plan to transition its entire US office portfolio to zero emissions electricity by 2026 by entering into contracts for around 600,000 MWh of clean power annually.

The New York-based firm, which operates US office assets on behalf of Brookfield Asset Management (TSE:BAM.PF.F), will procure 49% of the electricity for its more than 70-million-square-foot (6.5 million sq m) US office portfolio from hydropower, 39% from solar and wind, and 18% from nuclear energy plants.

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More than 85% of the needed power will be sourced from new plants enabled by the company's commitment or bundled Purchase Power Agreements (PPAs), it said. If no direct PPA option is available, the electricity will be sourced from the local grid via virtual PPAs.

Brookfield Properties expects more than 65% of its office space to transition to zero emissions power by 2024.

In March of last year, the company announced that the One Manhattan West office tower within Brookfield Properties' Manhattan West development will be powered solely by the hydro portfolio in upstate New York owned by Brookfield Renewable.