Reliance has signed an MoU with Brookfield to manufacture renewable energy equipment in Australia
- IBEF
- August 2, 2023
Reliance Industries Ltd (RIL) announced on August 1, 2023 that it has signed a Memorandum of Understanding (MoU) with Brookfield Asset Management to manufacture equipment for decarbonisation and renewable energy in Australia. The MoU aims to both accelerate and de-risk Australia's energy transition by enabling it to locally produce clean energy equipment such as PV modules, long duration battery storage, and components for wind energy.
In accordance with the conditions of the MoU, Brookfield will collaborate with Reliance to investigate opportunities for direct capital investment and the advancement of skills, knowledge, and expertise in Australia's renewable energy sector in order to facilitate the country's move towards a net zero future. The two companies will assess whether to develop cutting-edge facilities in Australia to produce or assemble the equipment needed to build renewable energy projects and to supply equipment to all market participants, including Origin Energy Markets.
One of the largest integrated renewable energy manufacturing facilities in India is now being set up by Reliance, which has competence in solar panel technology and long-term battery storage technology. The MoU aims to transfer cutting-edge manufacturing knowledge and technology to Australia.
In order to construct up to 14 gigawatt (GW) of new, large-scale generation, and storage capacity in Australia, the MoU with Reliance is anticipated to assist this investment by ensuring a constant and adequate supply of the clean energy equipment needed.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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