On 1 August, Reliance Industries signed an MoU with Brookfield Asset Management to explore the opportunities to produce renewable energy and manufacturing decarbonisation equipment in Australia.

This deal will help Australia enter into a net zero future.

The Director of Reliance New Energy, Anant Ambani, is sure that through this deal both companies will provide a boost to the global green energy movement.

Through this MoU, Reliance Industries aims to accelerate and de-risk Australia’s energy transmission by enabling it to locally produce clean energy equipment such as long-duration battery storage, photovoltaic modules, and components for wind energy.

In March, Brookfield also signed an agreement with EIG to acquire Origin Energy during this year. As a part of the takeover of Origin Energy Market division, Brookfield, along with its institutional partners and global institutional investors GIC and Temasek, have set out a plan to invest between A$20-30 billion over the course of ten years to increase energy transmission.

Luke Edwards, Brookfield Renewable Head of Australia, said, “We are establishing these types of global partnerships in manufacturing now to allow us to get started as quickly as possible given the ever-reducing timeline for Australia to reach its first emissions-reductions targets in 2030,”