Reliance: RIL, Brookfield tie up to make green energy items in Australia – Times of India

NEW DELHI: Reliance Industries Ltd is looking at manufacturing renewable energy equipment in Australia under investments of A$20-30 billion (US$ 13.5-20 billion) planned by Brookfield Asset Management and its global investor partners GIC and Temasek to accelerate energy transition in that country.

Brookfield’s MoU with Reliance envisages making investments in manufacturing PV modules, long duration battery storage and wind energy components for the Australian renewables market, de-risking that country’s energy transition with a local supply chain.
Both will also work towards development of skills, knowledge and expertise in Australia’s renewable energy sector, the companies said in a joint statement on Tuesday.

Brookfield’s investment, to be spread over 10 years, is part of its acquisition of Origin EnergyMarkets, the marketing division of EIG entity’s markets division. The MoU will lead to consistent and adequate supply of clean energy equipment for up to 14 gigawatts of large-scale generation and storage capacity in Australia.
The MoU intends to leverage Reliance’s expertise in solar panel and long duration battery storage technology, acquired through a string of acquisitions in recent years for access to know-how and technology. It is setting up one of the world’s largest integrated renewable energy manufacturing facilities in India.
Brookfield Renewable is the flagship listed renewable power company of Brookfield Asset Management and operates one of the world’s largest publicly traded, pure-play renewable power platforms.
“We want to help kickstart a new era in local manufacturing that will benefit domestic renewables developers and many communities around Australia. We are establishing these types of global partnerships in manufacturing now to allow us to get started as quickly as possible given the ever-reducing timeline for Australia to reach its first emissions-reductions targets in 2030,” the statement quoted Brookfield Renewable’s Australia head Luke Edwards as saying.
“At Reliance, we are firmly committed to the mission of creating a global clean energy ecosystem that is both beneficial to humanity and compatible with nature. Towards this end, Reliance is pursuing opportunities of investment in India and globally with enthusiasm and passion,” the statement quoted Reliance New Energy director Anant Ambani as saying.