Canada's Brookfield Asset Management is set to develop new wind and solar farms with backing from tech giant Microsoft in an attempt to bring 10.5 gigawatts of generating capacity online, the Financial Times reported on Wednesday.

Microsoft expects its partnership with Brookfield to help finance the creation of renewable electricity projects to be built between 2026 and 2030, beginning in the U.S. and Europe, according to the newspaper.

The deal underscores the race to meet clean energy commitments while satisfying the voracious energy demand of cloud computing and artificial intelligence.

The 10.5 gigawatts of new capacity would cost more than $10 billion, the report said, based on recent industry trends.

Brookfield and Microsoft did not immediately respond to a Reuters request for comment.

  - Reuters