Reliance Industries has joined hands with Brookfield Asset Management to explore opportunities in the manufacture of renewable energy and decarbonisation equipment in Australia.

RIL said the memorandum of understanding (MoU) aims to both accelerate and de-risk Australia’s energy transition by enabling it to locally produce clean energy equipment such as PV (photovoltaic) modules, long duration battery storage and components for wind energy.

The announcement comes just days after another domestic conglomerate — the Tata group — announced that it will build a 40GW battery cell gigafactory in the United Kingdom.

The investment, of over £4 billion, will deliver electric mobility and renewable energy storage solutions for customers in the UK and Europe.

These moves indicate that Indian companies are now eyeing the overseas
markets for growth in the green energy segment apart from building capacities within the country.

Under the terms of the MoU, Brookfield will work with Reliance to explore avenues of direct capital investment and development of skills, knowledge, and expertise in the renewable energy sector of Australia to facilitate the nation’s transition to a net zero future.

“Reliance has strong expertise in solar panel technology and long duration battery storage technology,” Brookfield said.

“It is currently in the process of setting up one of the world’s largest integrated renewable energy manufacturing facilities in India,” the statement added.