Reliance Industries signs MoU with Brookfield for renewable power in Australia

Reliance Industries and Brookfield Asset Management signed a memorandum of understanding (MoU) on 1 August to explore renewable energy and decarbonisation equipment manufacturing opportunities in Australia.
The MoU aims to accelerate and reduce risks to Australia’s energy transition by enabling the country to locally produce clean energy devices such as photovoltaic modules, long-life storage batteries, etc. and wind turbine power components, the company said in a press release.
This will help Australia move towards a future of zero, he added.
In March of this year, Brookfield also signed a binding agreement with EIG to acquire Origin Energy. The proposed acquisition is currently going through the relevant approval processes. As part of the proposed acquisition of the Original Energy Markets division, Brookfield together with global institutional partners and institutional investors GIC and Temasek have established an investment plan of between AU$20 billion and AU$30. billion Australian dollars over the past few years. accelerate its energy development. forward. “We are now building these types of global manufacturing partnerships to help us get started as quickly as possible as the timeline for Australia to meet its first 2030 emissions reduction targets is increasing. shorter,” said Luke Edwards, Brookfield’s director of renewables in Australia. , speak.
Furthermore, Anant Ambani, director of Reliance New Energy, is confident that the two companies will drive the global green energy movement.
India’s clean energy sector is expected to grow into a $200 billion market and see cumulative spending of $2 trillion by 2020, said financial services firm Bernstein. 2050, is the next major driver for Reliance Industries stock.
“We believe the clean energy sector is worth Rs200 per share today, but is likely to expand over time,” Bernstein said in a June 9 report. This is nearly 8% of the company’s current market price, or about Rs 2,500 per share.
He expects RIL to potentially generate $10 billion in revenue from its new energy business by 2030, representing 40% of the TAM (total addressable market).
At 09:20, Reliance Industries was trading at Rs 2,544.55 on the NSE, down 0.18% from the previous close.