In its submission to the ACCC this week,Brookfield,which is seeking to acquire Origin’s domestic energy generation and retail business to accelerate its shift to renewables,said the acquisition would “materially contribute” to Australia’s chances of achieving its target of reaching net zero greenhouse gas emissions.
Brookfield has vowed to build 14 gigawatts of renewable energy and storage to help replace the looming closure of Origin’s Eraring coal-fired power plant in NSW and transform Origin into Australia’s largest clean energy owner by the end of the decade.
The consortium had previously flagged this investment would be at least $20 billion,but this week signalled for the first time that the figure could be as high as $30 billion by 2033,via the Brookfield Global Transition Fund.
“Our plan is ambitious yet realistic,” Brookfield Asia-Pacific chief executive Stewart Upson said on Wednesday.
“We have capital immediately available for investment in the transition and relationships with private co-underwriters seeking a home for capital that will promote the transition.”