Brookfield & Reliance Join Hands for Green Energy Manufacturing in Australia

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Brookfield Asset Management and Reliance Industries, India’s largest private sector enterprise and a Fortune 500 company, have entered into a Memorandum of Understanding (MoU) to explore opportunities for manufacturing renewable energy and decarbonization equipment in Australia.

The primary goal of the MoU is to accelerate and de-risk Australia’s energy transition by fostering local production of clean energy equipment, including PV modules, long-duration battery storage, and components for wind energy. Brookfield will collaborate with Reliance to investigate avenues for direct capital investment and the development of skills and expertise in Australia’s renewable energy sector, aiming to support the nation’s transition to a net-zero future.

The agreement will entail the evaluation of establishing advanced operations in Australia for producing or assembling equipment used in green energy projects. The equipment will be supplied to various players in the market, including Origin Energy Markets. Reliance, with its expertise in solar panels and long-duration battery storage technology, is also planning to set up one of the world’s largest integrated renewable energy manufacturing facilities in India.

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Anant Ambani, Director of Reliance New Energy Limited, said, “At Reliance, we are firmly committed to the mission of creating a global clean energy ecosystem that is both beneficial to humanity and compatible with nature. Towards this end, Reliance is pursuing opportunities of investment in India and globally with great enthusiasm and passion. We are confident that Reliance and Brookfield will explore avenues in green energy in Australia, accelerating the nation’s transition to a Net Zero future and providing a fillip to the global green energy movement.”

Through this MoU, Brookfield seeks to bring global manufacturing technology and expertise to Australia. Recently, a consortium comprised of Brookfield Renewable Partners, together with institutional investors GIC and Temasek, and MidOcean Energy of leading investor EIG proposed acquiring Origin Energy Limited. The proposed acquisition is currently going through the relevant approvals processes. As part of the proposed acquisition, Brookfield, along with institutional partners GIC and Temasek, has outlined a plan to invest between A$20 billion and A$30 billion over the next decade to expedite the country’s energy transition.

This collaboration with Reliance will further bolster this investment, ensuring a steady and sufficient supply of clean energy equipment needed to develop up to 14 GW of new, large-scale generation and storage capacity in Australia.

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An independent analysis conducted for Brookfield indicates that establishing onshore sovereign manufacturing capability for the energy transition could potentially create approximately 18,000 direct and indirect jobs, with a particular focus on regions most impacted by the transition, such as the Hunter Valley in New South Wales and the La Trobe Valley in Victoria.