Monday, June 5 2023 Sign In   |    Register

News Quick Search



Front Page
Power News
Today's News
Yesterday's News
Week of May 29
Week of May 22
Week of May 15
Week of May 08
Week of May 01
By Topic
By News Partner
Gas News
News Customization


Pro Plus(+)

Add on products to your professional subscription.
  • Energy Archive News

    Home > News > Power News > News Article

    Share by Email E-mail Printer Friendly Print

    Brookfield eyes USD-13.4bn renewables spree after Origin deal

    March 28, 2023 - SeeNews Renewables


      March 28 (Renewables Now) - Brookfield Asset Management Inc (TSE:BAM.PF.F), along with institutional partners and investors, has agreed to buy the energy markets business of Australia’s Origin Energy Ltd (ASX:ORG) in a deal paving the way for over AUD 20 billion (USD 13.37bn/EUR 12.36bn) of investments in renewables and storage.

      Sydney-based electricity producer and natural gas supplier Origin on Monday agreed to be acquired by Brookfield, its partners and Midocean Energy, a liquefied natural gas (LNG) company formed and managed by US private equity firm EIG. The scheme gives the Aussie company an enterprise value of AUD 18.7 billion.

      The bidding consortium filed a non-binding bid to take over Origin last November, offering AUD 9 per share in cash, which was last month trimmed to AUD 8.90 per share. The final purchase price stands at AUD 8.91 per share.

      Under the binding agreement, Brookfield and its partners GIC Pte Ltd and Temasek Holdings Pte will acquire Origin’s energy markets business, which is involved in power generation and retail and holds a 24% share of Australia’s national electricity market. MidOcean, meanwhile, will take possession of Origin’s integrated gas business and upstream gas interest, along with a 27.5% stake in the Australia Pacific LNG joint venture project with ConocoPhillips and Sinopec.

      Brookfield’s plan for Origin Energy Markets is to enhance the development of renewable generation capacity and facilitate the construction of up to 14 GW of new assets over the next decade. The plan will be backed by at least AUD 20 billion, enabling the retirement of Eraring, Australia’s largest coal-fired power station.

      Brookfield noted its plans to bring in Indian energy giant Reliance Industries to assess areas of collaboration in the renewable energy field.

      “We will build on the success of our global renewable power and transition business where we have a mandate to ‘go where the emissions are’ in putting billions of dollars behind an executable plan to reduce emissions at Origin,” said Brookfield Asia Pacific CEO Stewart Upson.

      (AUD 1.0 = USD 0.669/EUR 0.618)


    Other Articles - International


       Home  -  Feedback  -  Contact Us  -  Safe Sender  -  About Energy Central   
    Copyright © 1996-2023 by CyberTech, Inc. All rights reserved.
    Energy Central® and Energy Central Professional® are registered trademarks of CyberTech, Incorporated. Data and information is provided for informational purposes only, and is not intended for trading purposes. CyberTech does not warrant that the information or services of Energy Central will meet any specific requirements; nor will it be error free or uninterrupted; nor shall CyberTech be liable for any indirect, incidental or consequential damages (including lost data, information or profits) sustained or incurred in connection with the use of, operation of, or inability to use Energy Central. Other terms of use may apply. Membership information is confidential and subject to our privacy agreement.