Brookfield Asset Management, RIL sign MoU to explore renewable opportunities in Australia
The Hindu
Brookfield and Reliance sign MoU to explore opportunities to manufacture renewable energy and decarbonization equipment in Australia. It aims to de-risk Australia's energy transition, create 18,000 jobs and accelerate emissions-reduction targets.
Brookfield Asset Management and Reliance Industries Ltd said they had signed a Memorandum of Understanding (MoU) to explore opportunities to manufacture renewable energy and decarbonization equipment in Australia.
The MoU aims to 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, the companies said in a joint statement.
As per 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.
They would 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.
Reliance said it has 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.
Through this Brookfield wants to bring global manufacturing technology and expertise to Australia.