Reliance Industries and Brookfield Asset Management signed a Memorandum of Understanding (MoU) aimed at exploring opportunities for manufacturing renewable energy and decarbonization equipment in Australia. The collaboration intends to accelerate and de-risk Australia’s energy transition by enabling local production of clean energy equipment, including photovoltaic modules, long-duration battery storage, and wind energy components.
The press release from the companies highlighted the significance of this initiative in helping Australia achieve a net-zero future. By producing essential clean energy technologies within the country, the partnership seeks to support Australia’s transition towards a more sustainable energy landscape.
Brookfield Asset Management has already been active in expanding its presence in the clean energy sector. Earlier this year, the company signed a binding agreement with EIG to acquire Origin Energy.
Luke Edwards, Brookfield Renewable Head of Australia, emphasized the importance of establishing global partnerships in manufacturing to meet Australia’s emissions-reduction targets by 2030. The collaboration with Reliance Industries aims to facilitate rapid progress in the renewable energy sector, given the pressing timeline.
Anant Ambani, Director of Reliance New Energy, expressed confidence that the partnership would play a significant role in advancing the global green energy movement.
For Reliance Industries, the clean energy sector in India holds immense potential. Financial services firm Bernstein predicts that India’s clean energy market will grow to a value of $200 billion, with cumulative spending reaching $2 trillion by 2050. The report suggests that Reliance Industries’ stock could see significant growth from its clean-energy business, potentially achieving $10 billion in revenue by 2030.
The collaboration between Reliance Industries and Brookfield Asset Management signals a strategic move to contribute to the renewable energy transition in Australia and further strengthen India’s position in the clean energy sector. The partnership aims to foster local manufacturing and innovation in clean energy technologies, supporting both countries’ endeavors in combating climate change and fostering sustainable development.