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Reliance Industries and Brookfield Asset Management have signed a Memorandum of Understanding (MoU) to explore opportunities to manufacture equipment for renewable energy and decarbonisation in Australia.
Under the terms of the MoU, Brookfield will work with Reliance to explore avenues of direct capital investment and development of skills, knowledge and expertise in the renewable energy sector of Australia to facilitate the nation’s transition to a net zero future, the Indian conglomerate said in a release.
The MoU aims to both accelerate and de-risk Australia’s energy transition by enabling it to locally manufacture clean energy equipment such as PV modules, long-duration battery storage and components for wind energy.
RIL and Brookfield will evaluate the establishment of advanced operations in Australia to make or assemble equipment used in the construction of renewable energy projects supplying equipment to all players in the market including Origin Energy Markets.
RIL said it has expertise in solar panel technology and long duration battery storage technology. It is currently in the process of setting up one of the world’s largest integrated renewable energy manufacturing facilities in India.
In March, Brookfield had signed a binding agreement with EIG to acquire Origin Energy. The acquisition is currently going through the relevant approvals processes. As part of its proposed acquisition of the Origin Energy Markets division, Brookfield along with its institutional partners and global institutional investors GIC and Temasek have set out a plan to invest between 20 billion and 30 billion Australian dollars over the next ten years to accelerate its energy transition.
The MoU with RIL intends to support this investment to ensure consistent and adequate supply of the clean energy equipment required to develop up to 14GW of new, large-scale generation and storage capacity in Australia.
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