Reliance Industries, Brookfield join hands to build green equipment in Australia

• RIL, Brookfield aim to produce PV modules, long duration battery storage and wind energy components.
• The partners will evaluate the establishment of operations in Australia to make/or assemble renewable energy equipment.
• The partners will explore avenues of direct capital investment and development of skills, knowledge and expertise in Australia.
  

Asset management company Brookfield Asset Management signed a Memorandum of Understanding (MoU) with Reliance Industries to explore opportunities to manufacture renewable energy and decarbonization equipment in Australia.

The MoU aims to locally produce clean energy equipment such as PV modules, long duration battery storage and components for wind energy. The partners will evaluate the establishment of operations in Australia to make/or assemble equipment used in the construction of renewable energy projects.

“Reliance has strong 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,” Brookfield said in a press release.

The MoU will support investment to ensure supply of equipment required to develop up to 14 GW of new, large-scale generation and storage capacity in the country. The partners will also explore avenues of direct capital investment and development of skills, knowledge and expertise in the sector in Australia.

“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 great enthusiasm and passion,” said Anant Ambani, director, Reliance New Energy.

The establishment of onshore sovereign manufacturing capability for the energy transition has the potential to create approximately 18,000 direct and indirect jobs, many in regions most impacted by the transition such as the Hunter Valley in New South Wales and the La Trobe Valley in Victoria, says Brookfield.

“We want to help kickstart a new era in local manufacturing that will benefit domestic renewables developers, including Origin Energy Markets, and many communities around Australia,” says Luke Edwards, head of Australia, Brookfield Renewable.

RIL, across its many businesses, has other partnerships with the Canadian asset management company. Last month, it partnered with Brookfield Infrastructure and Digital Realty to develop data centers in India. RIL will hold a 33.33% stake in each of the special purpose vehicles to create in each of the special purpose vehicles created to invest in their development.

Two years back, Brookfield Infrastructure purchased Reliance Jio’s telecom tower assets for $3.4 billion.