Brookfield Asset Management signs an MoU with India’s Reliance Industries to manufacture renewable energy and decarbonization equipment in Australia

Indian 500 rupee notes lie on the cashier counter of a branch of HDFC Bank in Mumbai
Indian 500 Rupee notes. (Image: MeelBijendra/Gitika)

NEW DELHI, August 1 (MeelBijendra) – On Tuesday, August 1, Indian conglomerate Reliance Industries announced that Brookfield Asset Management has signed a memorandum of understanding (MoU) with Reliance Industries to further explore opportunities in Australia to pursue renewable energy and manufacture decarbonization equipment.

Brookfield Asset Management is a Canadian multinational company with over US$825 billion in assets under management that focuses on direct control investments in real estate, renewable energy, infrastructure, credit and private equity.

On the other hand, Reliance is India’s largest private sector company engaged in the business of hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, advanced materials and composites, renewables such as solar and hydrogen, retail and digital services.

India’s largest private sector enterprise Reliance Industries said the MoU aims to accelerate the energy transition by enabling Australia to locally produce clean energy equipment such as PV modules (Photovoltaic modules), long-term battery storage and components for wind power and risk reduction.

According to the memorandum of understanding between Reliance Industries and Brookfield Asset Management, Brookfield will explore avenues for direct capital investment and development of expertise in Australia’s renewable energy sector with Reliance. Brookfield has a total installed capacity of 31,600 MW and approximately 131,900 MW of renewable energy assets, including hydropower, wind, utility-scale solar, and storage facilities in the Americas, Europe, and Asia.

The MoU aims to support this investment to ensure a continuous and adequate supply of clean energy equipment needed to develop up to 14 GW of new and storage capacity in Australia, billionaire Mukesh Ambani-owned Reliance said. Brookfield Asset Management said in March 2023 that it would invest 20 to 30 billion Australian dollars in Australia over the next decade as part of a proposed acquisition of the Origin Energy Markets division.

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