RIL inks pact with Brookfield for renewable power in Australia

1 Aug 2023 , 12:29 PM

On August 1, Reliance Industries and Brookfield Asset Management signed a Memorandum of Understanding (MoU) to tap the opportunities of manufacturing renewable energy and decarbonisation equipment in Australia.

According to the company, the MoU intends to speed and de-risk Australia’s energy transition by allowing it to locally build sustainable energy equipment such as photovoltaic modules, long-duration battery storage, and wind energy components. This will boost Australia’s drive to net zero transition.

Brookfield also entered a formal deal with EIG to acquire Origin Energy in March of this year. The proposed transaction is now through the requisite approval processes. 

We are setting up these types of global manufacturing partnerships now to allow us to get started as soon as possible given Australia’s ever-shrinking timeline to meet its first emissions-reduction targets in 2030, commented Luke Edwards, Brookfield Renewable Head of Australia.

Brookfield, along with its institutional partners and global institutional investors GIC and Temasek, have set out a plan to invest between A$20 billion and A$30 billion over the next ten years to further its energy transition as part of its proposed acquisition of the Origin Energy Markets division.

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