August 23, 2023: Brookfield Asset Management and India’s Reliance Industries are to invest in components manufacturing for BESS and renewables in Australia.
The firms said on August 1 they had signed a memorandum of understanding to evaluate the local production and supply of equipment for solar, wind and long duration energy storage.
Customers could include Australia’s Origin Energy — which Brookfield Renewable Partners is acquiring as part of a consortium with investment firm EIG.
The consortium agreed a binding acquisition agreement in March for Origin’s energy markets business — a deal under review by regulators.
The firms plan to invest between A$20 billion ($13 billion) and A$30 billion in new build, renewables and storage through Origin over the next 10 years.
Luke Edwards, head of Australia, for Brookfield’s Renewable Power and Transition Group said: “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.”
Clarios, the world’s largest manufacturer of automotive batteries, is owned by Brookfield Business Partners together with institutional partners of Brookfield Asset Management.
Reliance Industries made two acquisitions within the past two years in a bid to help become a key player in the batteries market for EVs and BESS in India and beyond.
