Brookfield Asset Management, a global alternative asset manager, has signed an agreement with Reliance Industries.
The Memorandum of Understanding aims to investigate opportunities for manufacturing renewable energy and decarbonisation equipment in Australia, thereby promoting the country's energy transition and fostering sustainable development. Australia's energy transition has gained traction in recent years as the country works to reduce its carbon footprint and meet its emissions reduction targets.
The Memorandum of Understanding (MoU) between Brookfield and Reliance Industries is expected to play a critical role in accelerating and de-risking this transition by enabling local production of clean energy equipment such as photovoltaic (PV) modules, long-duration battery storage, and wind energy components.
Under the terms of the MoU, Brookfield and Reliance Industries will collaborate on direct capital investment and the development of skills, knowledge and expertise in the renewable energy sector within Australia.
Both companies intend to establish advanced manufacturing operations in Australia by leveraging Reliance's vast experience in solar panel technology and long-duration battery storage.
These operations will concentrate on the manufacturing and assembly of equipment required for the construction of renewable energy projects, catering to all market participants, including Origin Energy Markets.
Brookfield is committed to bringing global manufacturing technology and expertise to Australia, and this collaboration is a step in that direction.
Brookfield signed a binding agreement with EIG to acquire Origin Energy earlier this month, and has proposed investing between $20 billion and $30 billion USD over the next ten years with its institutional partners, GIC and Temasek, to accelerate the country's energy transition.