Reliance Industries, Brookfield sign MoU for renewable energy, decarbonisation equipment in Australia
The MoU between Brookfield Asset Management and RIL is aimed at accelerating and de-risking Australia’s energy transition by encouraging local production of equipments vital for wind energy
- Aug 1, 2023,
- Updated Aug 1, 2023 9:42 AM IST
Brookfield Asset Management has signed a memorandum of understanding (MoU) with the Mukesh Ambani-led Reliance Industries (RIL) to explore opportunities in the realms of renewable energy and decarbonisation equipment in Australia. The MoU between Brookfield Asset Management and RIL is aimed at accelerating and de-risking Australia’s energy transition by encouraging local production of equipments such as PV modules, long duration battery storage technology and other components vital for wind energy, according to an RIL release.
Brookfield and Reliance will also work together to explore avenues of direct capital investment and skill development besides exploring the knowledge and expertise in the Australian renewable energy sector to facilitate net zero transition. Under this MoU, the two will also consider establishing advanced operations in Australia to make/or assemble equipment for construction of renewable energy projects besides supplying equipment to renewable energy players in Australia including Origin Energy Markets.
Brookfield will also utilise RIL’s expertise in solar panel technology and long duration battery storage technology.
Brookfield’s MoU with Reliance comes months after it signed a binding agreement with EIG to acquire Origin Energy in March this year. The proposed acquisition is currently subject to regulatory approvals. As part of its proposed acquisition, Brookfield has set out a plan to invest A$20 billion to A$30 billion over the next 10 years to accelerate energy transition. Brookfield’s global institutional investors and institutional partners GIC and Temasek will also contribute towards this investment.
The MoU between RIL and Brookfield will also support this investment required for supply of clean energy equipment to develop up to 14 GW of large-scale generation and storage capacity in Australia.
Commenting on the MoU with Reliance Industries, Luke Edwards, Brookfield Renewable Head of Australia, said: "We want to help kickstart a new era in local manufacturing that will benefit domestic renewables developers, including Origin Energy Markets, and many communities around Australia. We are establishing these types of global partnerships in manufacturing now to allow us to get started as quickly as possible given the ever-reducing timeline for Australia to reach its first emissions-reductions targets in 2030".
“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,” Reliance New Energy Limited Director Anant Ambani said.
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Brookfield Asset Management has signed a memorandum of understanding (MoU) with the Mukesh Ambani-led Reliance Industries (RIL) to explore opportunities in the realms of renewable energy and decarbonisation equipment in Australia. The MoU between Brookfield Asset Management and RIL is aimed at accelerating and de-risking Australia’s energy transition by encouraging local production of equipments such as PV modules, long duration battery storage technology and other components vital for wind energy, according to an RIL release.
Brookfield and Reliance will also work together to explore avenues of direct capital investment and skill development besides exploring the knowledge and expertise in the Australian renewable energy sector to facilitate net zero transition. Under this MoU, the two will also consider establishing advanced operations in Australia to make/or assemble equipment for construction of renewable energy projects besides supplying equipment to renewable energy players in Australia including Origin Energy Markets.
Brookfield will also utilise RIL’s expertise in solar panel technology and long duration battery storage technology.
Brookfield’s MoU with Reliance comes months after it signed a binding agreement with EIG to acquire Origin Energy in March this year. The proposed acquisition is currently subject to regulatory approvals. As part of its proposed acquisition, Brookfield has set out a plan to invest A$20 billion to A$30 billion over the next 10 years to accelerate energy transition. Brookfield’s global institutional investors and institutional partners GIC and Temasek will also contribute towards this investment.
The MoU between RIL and Brookfield will also support this investment required for supply of clean energy equipment to develop up to 14 GW of large-scale generation and storage capacity in Australia.
Commenting on the MoU with Reliance Industries, Luke Edwards, Brookfield Renewable Head of Australia, said: "We want to help kickstart a new era in local manufacturing that will benefit domestic renewables developers, including Origin Energy Markets, and many communities around Australia. We are establishing these types of global partnerships in manufacturing now to allow us to get started as quickly as possible given the ever-reducing timeline for Australia to reach its first emissions-reductions targets in 2030".
“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,” Reliance New Energy Limited Director Anant Ambani said.
Also Read: Japan’s chip equipment supplier Disco mulls setting up centre in India: Report
Also Read: Maruti Suzuki India's Q1 profit soars 145% to Rs 2,485 crore; revenue up 22%