Canadian investment giant Brookfield Asset Management has signed a memorandum of understanding (MoU) with Shanghai-headquartered manufacturer Envision Group to evaluate setting up operations in Australia to make or assemble renewable energy equipment such as battery energy storage systems and hydrogen electrolysers.
Under the MoU, Brookfield and Envision will explore direct capital investment and the contribution of skills, knowledge and expertise to help accelerate Australia’s renewable energy transition.
The companies said they hope to eventually establish facilities in Australia that can manufacture components or assemble equipment needed for local renewable energy developments.
Brookfield said Australian-manufactured equipment could include wind turbines, towers and blades as well as assembly lines for grid-scale or electric vehicle batteries and hydrogen electrolysers.
The Canadian company, which is currently in the process of acquiring Australian energy generator and retailer Origin Energy, announced only last month that it will invest up to $30 billion (USD 19.86 billion) in Australia over the next 10 years.
Brookfield said it, and its partners in renewable energy projects, plan to develop up to 14 GW of new renewable generation and storage facilities within the Origin Energy business by 2033.
Luke Edwards, head of Brookfield’s renewable power and transition business in Australia, said the Envision partnership intends to support that strategy as well as Australia’s broader energy transition plans.
“We want to make sure domestic renewables developers, including Origin’s Energy Markets business, are in the best position possible when it comes to securing the components we need to build critical infrastructure that reduces our emissions,” he said.
“The scale of the task ahead and the amount of equipment required in Australia justifies having best-in-class large-scale domestic manufacturing.”
“Envision is a world-leading operator with deep energy experience, manufacturing know-how and a track record of setting up successful clean technology supply chains.”
The agreement with Envision comes after Brookfield earlier this month announced a similar arrangement with India-headquartered manufacturer Reliance Industries.
Reliance is currently developing one of the world’s largest integrated renewable energy manufacturing facilities in India, including gigafactories for PV panels, energy storage, hydrogen electrolysers and fuel cells.
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