Canadian investor Brookfield, which is currently in the process of formally acquiring Origin Energy, has signed a memorandum of understanding (MoU) with India’s Reliance Industries to explore opportunities to produce clean energy equipment in Australia.
“Under the terms of the MoU, Brookfield will work with Reliance to explore avenues of direct capital investment and development of skills, knowledge and expertise in the renewable energy sector of Australia to facilitate the nation’s transition to a net zero future,” the companies said in a joint 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.”
Reliance Industries has strong expertise in solar panel technology and long-duration battery storage technology. It is currently in the process of setting up one of the world’s largest integrated renewable energy manufacturing facilities in India.
Brookfield said in June that it, along with its partners in renewable energy projects, will invest up to AUD 30 billion ($19.86 billion) in Australia over the next 10 years. The Reliance-Brookfield partnership plans to support that investment, said the companies.
“Reliance and Brookfield will evaluate the establishment of advanced operations in Australia to make/or assemble equipment used in the construction of renewable energy projects supplying equipment to all players in the market including Origin Energy Markets,” they said.
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