Indian conglomerate Reliance Industries has reached a memorandum of understanding (MoU) with Brookfield Asset Management, a Canadian investment company, to assess prospects for renewable energy and decarbonisation equipment production in Australia, Reuters reported.

The MoU will expedite and de-risk the country’s energy transition through the encouragement of local production of equipment such as solar photovoltaic modules and long-duration battery storage technology.

Power-generating capacity of up to 14GW could be installed in the country.

Brookfield will collaborate with Reliance and explore opportunities for direct capital investment, skills development, knowledge and expertise in the Australian renewable energy sector.

The two companies will evaluate the feasibility of launching advanced operations to produce or assemble equipment used in renewable energy, and supply equipment to players in the market.

Reliance has experience in both solar panels and long-duration battery storage technology, and is also establishing a large integrated renewable energy manufacturing facility in India.

Mint quoted Reliance New Energy director Anant Ambani as stating: “We are confident that Reliance and Brookfield will explore avenues in green energy in Australia, accelerating the nation’s transition to a net-zero future and providing a fillip to the global green energy movement.”

The publication also quoted Brookfield Renewable Australia head Luke Edwards as follows: "We want to help kick-start a new era in local manufacturing that will benefit domestic renewables developers, including Origin Energy Markets, and many communities around Australia.

“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.”