On Tuesday, Reliance Industries Ltd (RIL) announced a Memorandum of Understanding (MoU) with Brookfield Asset Management to collaborate on manufacturing renewable energy and decarbonization equipment in Australia. The main goal of the MoU is to expedite and mitigate risks in Australia’s energy transition by enabling local production of clean energy equipment, such as PV modules, long-duration battery storage, and wind energy components. Brookfield will partner with Reliance to explore direct capital investment and skill development in Australia’s renewable energy sector, facilitating the nation’s shift towards a net-zero future.
The two companies will consider establishing advanced operations in Australia to produce or assemble equipment for renewable energy projects, supplying equipment to various market players, including Origin Energy Markets. Reliance, having expertise in solar panel and long-duration battery storage technology, is in the process of setting up a large integrated renewable energy manufacturing facility in India.
This MoU aims to bring global manufacturing technology and expertise to Australia. In March of this year, Brookfield signed an agreement with EIG to acquire Origin Energy, subject to relevant approvals. As part of this proposed acquisition, Brookfield, along with institutional partners GIC and Temasek, plans to invest between A$20 billion and A$30 billion over the next decade to accelerate the energy transition.
The MoU with Reliance is expected to support this investment and ensure a steady supply of clean energy equipment, necessary for developing up to 14 GW of new, large-scale generation and storage capacity in Australia. Both companies expressed confidence that this partnership will promote advanced manufacturing processes in Australia, secure the supply of critical equipment for the energy transition, help reduce emissions faster, and contribute significantly to job creation.
Anant Ambani, Director of Reliance New Energy Limited, believes the collaboration will boost Australia’s transition to a net-zero future and support the global green energy movement.