and Brookfield Join Hands to Make Carbon-Cutting Technology in Australia
Brookfield Asset Management and Reliance Industries (RIL) have signed a Memorandum of Understanding (MoU) to look into prospects to produce renewable energy and decarbonization equipment in Australia, according to a statement released in New Delhi.
By enabling Australia to manufacture clean energy machinery, such as PV modules, long-term battery storage, and wind energy components locally, the MoU seeks to both speed and de-risk the country’s energy transformation.
“Under 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,” the companies said in a joint statement.
To offer equipment to all market participants, including Origin Energy Markets, Reliance, and Brookfield will assess the installation of cutting-edge facilities in Australia to manufacture or assemble equipment used in the building of renewable energy projects.
Reliance claimed to be an expert in both long-lasting battery storage and solar panel technologies. One of the largest integrated renewable energy manufacturing complexes in the world is now being built in India.
“We are confident that Reliance and Brookfield will explore avenues in green energy in Australia, accelerating the nation’s transition to a Net Zero future and providing a fillip to the global green energy movement,” said Anant Ambani, Director, Reliance New Energy Ltd.
Given its track record of committing long-term capital to enable the energy transition and its creative approach to large-scale investments in the re-shoring of crucial and strategic manufacturing processes and supply chains, such as its investment in the US$30 billion Intel Chip plant in Nevada, Brookfield claimed it is uniquely positioned to support these manufacturing initiatives.