Brookfield Asset Management and Indian conglomerate Reliance Industries have signed a memorandum of understanding (MoU) to pursue renewable energy manufacturing opportunities in Australia.
The MoU will look to develop solar PV, battery energy storage and wind component manufacturing through direct capital investment opportunities, and facilitate developing skills, knowledge and expertise in Australia’s renewable energy sector, the companies said.
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Luke Edwards, Brookfield Renewable head of Australia said: “Australia has a proud history of manufacturing and an abundance of raw materials, but the industry is not currently cost competitive. The energy transition creates an opportunity to bring advanced manufacturing processes created offshore to Australia, which would secure the supply of critical equipment for the transition to help drive down Australia’s emissions faster and contribute significantly to job creation.”
Brookfield acquired Origin Energy Markets in March for AU$18.7 billion (US$12.4 billion). The company is Australia’s largest power generator and energy retailer, and Brookfield said that it intends to build out 14GW of renewables and storage capacity under Origin over the next decade, investing a total of AU$20 billion to do so.
The company said that this MoU with Reliance will support its investment into Origin Energy Markets by contributing to a secure and consistent supply of clean energy equipment. It said that onshore renewables manufacturing in Australia has the potential to create 18,000 jobs.
Last month, the Australian government invested AU$50 million into developing solar and energy storage supply chains in the Indo-Pacific region, with a view to developing solar ingot and wafer production in particular in Australia and its neighbouring southern and southeast Asian countries.
