Indian private-sector giant Reliance Industries, led by billionaire Mukesh Ambani, and Brookfield Asset Management have signed a deal to explore opportunities involving renewable energy and decarbonisation equipment in Australia.

On Tuesday, Reliance confirmed the development, saying it had signed a memorandum of understanding with Brookfield, which “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”.