Reliance Industries and Brookfield Asset Management have recently joined forces through an initial agreement aimed at exploring opportunities for manufacturing renewable energy and decarbonisation equipment in Australia. This collaboration is centred around a Memorandum of Understanding (MoU) with the objective of accelerating and de-risking Australia’s energy transition, focusing on local production of clean energy equipment such as PV modules, long-duration battery storage, and wind energy components.
The partnership between Brookfield and Reliance will involve exploring avenues for direct capital investment and the development of skills, knowledge, and expertise in Australia’s renewable energy sector. The ultimate goal is to propel the nation towards a net-zero future, contributing to the global green energy movement.
Anant Ambani, director at Reliance New Energy, expressed the firm commitment of Reliance towards creating a global clean energy ecosystem that benefits humanity and aligns with nature. He stated that Reliance is enthusiastically pursuing investment opportunities in India and worldwide to further this mission.
The collaboration will entail assessing the feasibility of establishing advanced operations within Australia for manufacturing or assembling renewable energy equipment. This includes supplying equipment to various market players, including Origin Energy Markets. Reliance’s strong expertise in solar panel technology and long-duration battery storage will play a significant role in this venture, as the company is already working on setting up one of the world’s largest integrated renewable energy manufacturing facilities in India.
For Brookfield, this MoU is a significant step towards bringing global manufacturing technology and expertise to Australia. Earlier in the year, Brookfield had signed a binding agreement with EIG to acquire Origin Energy, pending relevant approvals. Alongside institutional partners GIC and Temasek, Brookfield has committed to investing between AUD 20 billion and AUD 30 billion over the next decade to accelerate Australia’s energy transition.
By collaborating with Reliance, Brookfield aims to secure a stable and sufficient supply of clean energy equipment to facilitate the development of up to 14 GW of new, large-scale generation and storage capacity in Australia.