Mukesh Ambani's Reliance Hops Into Australia's Renewable Energy Space With New Deal

Reliance Industries and Brookfield Asset Management have signed a deal to produce renewable energy and decarbonisation equipment in Australia.

What Happened? The partnership aims to locally manufacture clean energy equipment like photovoltaic modules and long-duration battery storage, supporting Brookfield and partners’ plans to invest up to A$30 billion (₹1.7 lakh crore) over a decade into an energy transition and potentially create 18,000 jobs in regions affected by the transition.

Brookfield is also working on the proposed acquisition of Origin Energy Markets as part of its efforts to bring global manufacturing technology and expertise to Australia. Reliance, known for its solar panel and battery storage technology, will collaborate with Brookfield to establish advanced operations, supplying equipment to players like Origin Energy Markets. The agreement also seeks to develop skills and knowledge in Australia’s renewable energy sector.

Why It Matters: By establishing local manufacturing capability, the partnership supports the development of up to 14 gigawatts of large-scale generation and storage capacity in Australia.

“At Reliance, we are firmly committed to the mission of creating a global clean energy ecosystem that is both beneficial to humanity and compatible with nature,” said Anant Ambani, director at Reliance New Energy Limited. “Towards this end, Reliance is pursuing opportunities of investment in India and globally with great enthusiasm and passion.”

It was previously reported that India's renewable energy agency, Solar Energy Corp, has offered Reliance a 51% stake in a joint venture to power the oil-to-telecoms conglomerate’s refineries and manufacturing plants.

Read Next: Elon Musk’s New X Move May See Indian Politicians And Film Stars Get More Active On Twitter, Says Analyst

Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.

Posted In: Brookfield Asset ManagementReliance