Brookfield, RIL sign MoU to explore renewable opportunities in Australia

Brookfield Asset Management has entered into a memorandum of understanding (MoU) with Reliance Industries (RIL) to explore the possibility of manufacturing renewable energy and decarbonisation equipment in Australia, according to a company statement.

“The MoU aims to both accelerate and de-risk Australia’s energy transition by enabling it to locally produce clean energy equipment such as PV modules, long-duration battery storage and components for wind energy,” said the company.

Under the MoU, Brookfield will collaborate with RIL to assess potential capital investment and skill development opportunities in Australia’s renewable energy sector.

“Reliance and Brookfield will evaluate the establishment of advanced operations in Australia. It is to make/assemble equipment used in the construction of renewable energy projects and supplying equipment to players in the market, including origin energy markets,” said the statement.

The MoU with RIL aligns with Brookfield’s recent agreement with EIG to acquire Origin Energy. This transaction is currently undergoing necessary approvals.

As part of its proposed acquisition of Origin Energy Markets division, Brookfield, along with its institutional partners and global institutional investors GIC and Temasek, plans to invest between A$20 billion and A$30 billion to expedite its energy transition. This investment will be over a period of a decade.