News Briefs

Brookfield, Reliance to partner on Australian renewable energy push

Brookfield will work with Reliance to explore avenues of direct investment and the development of skills, knowledge and expertise in the renewable energy sector of Australia.

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  • The partnership aims to both accelerate and de-risk Australia’s energy transition by enabling it to locally produce clean energy equipment
  • 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
  • Brookfield has about $825 billion of assets managed across renewable, infrastructure, real estate, private equity, credit and other strategies

India’s Reliance Industries has agreed to partner with Brookfield Asset Management to explore opportunities in manufacturing of renewable energy and decarbonization equipment in Australia. No financial terms were disclosed.

Under the terms of a memorandum of understanding (MoU), Brookfield will work with Reliance to explore avenues of direct investment and the development of skills, knowledge and expertise in the renewable energy sector of Australia to facilitate that nation’s transition to a net-zero future.

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 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.

On the partnership, Luke Edwards, Brookfield Renewable’s head of Australia, said in a statement, “Australia has a proud history of manufacturing and an abundance of raw materials, but the industry is not currently cost competitive. The energy transition creates an opportunity to bring advanced manufacturing processes created offshore to Australia, which would secure the supply of critical equipment for the transition to help drive down Australia’s emissions faster and contribute significantly to job creation.”

Based in Toronto, Brookfield has about $825 billion of assets managed across renewable, infrastructure, real estate, private equity, credit and other strategies.