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					</table><p>A consortium of <a href="https://www.brookfield.com/" target="_blank" rel="noopener">Brookfield Asset Management</a> and <a href="https://midoceanenergy.com/" target="_blank" rel="noopener">MidOcean Energy</a>, the global LNG platform owned and managed by EIG, has agreed to acquire Australia-based integrated power generator and retailer <a href="https://www.originenergy.com.au/" target="_blank" rel="noopener">Origin Energy</a> for A$18.7 billion (~$12.5 billion).</p>
<p>As part of its acquisition of Origin Energy&#8217;s Energy Markets segment, Brookfield plans to expedite the development of renewable energy generation capacity. Brookfield has formulated a business plan for Origin Energy Markets that involves investing at least $20 billion over the next ten years to construct up to 14 GW of new renewable generation and storage facilities in Australia.</p>
<p>This is expected to enable the retirement of one of Australia&#8217;s largest coal-fired power generation plants.</p>
<p>The consortium has entered a binding deed with Origin Energy and agreed to purchase the company for A$8.9 (~$6) per share.</p>
<p>After the acquisition, Origin Energy will be divided into two businesses: Energy Markets and Integrated Gas. Brookfield will own Energy Markets, primarily responsible for power generation and retailing, while MidOcean will own Integrated Gas.</p>
<p>Brookfield will lead the investment with its $15 billion Global Transition Fund and institutional partners GIC of Singapore and Temasek.</p>
<p>Brookfield is pursuing this acquisition through the Brookfield Global Transition Fund I, the largest private fund in the world focused on the transition to net zero.</p>
<p>Brookfield Renewable expects to invest up to $750 million, which will be funded through a mix of corporate debt, up financings of existing hydro assets, and proceeds from asset recycling initiatives.</p>
<p>MidOcean has agreed to on-sell a 2.49% interest in the Australia Pacific LNG project (APLNG) to ConocoPhillips, already a 47.5% owner in APLNG. ConocoPhillips is the current downstream operator and intends to take over the upstream operatorship of APLNG.</p>
<p>EIG is pursuing the acquisition of Origin&#8217;s Integrated Gas business through MidOcean Energy.</p>
<p>Origin Energy Markets&#8217; existing 3.1 GW fleet of gas-fired generation and pumped hydro storage provides reliable capacity at peak periods and when renewable generation is intermittent.</p>
<p>Last June, Brookfield <a href="https://www.mercomindia.com/brookfield-asset-management-raises-15-billion-for-clean-energy" target="_blank" rel="noopener">announced</a> the final institutional close of a $15 billion raise for the Brookfield Global Transition Fund (BGTF), focused on facilitating the global transition to net zero.</p>
<p>Brookfield had <a href="https://mercomindia.com/brookfield-raises-billion-energy-fund/" target="_blank" rel="noopener">raised</a> $7 billion in the initial close of BGTF.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/arjun-joshi/" class="vcard author" rel="author"><span class="fn">Arjun Joshi</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Arjun-Joshi-1.png" width="50" /></p>
<p><strong style="text-decoration: underline">Arjun Joshi,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/arjun-joshi/" target="_blank" rel="noopener">More articles from Arjun Joshi.</a></p>
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<p><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Arjun-Joshi-1.png" width="86" height="102" /><a href="https://mercomindia.com/author/arjun-joshi/" target="_blank" rel="noopener"><strong style="color: #00b451">Arjun Joshi</strong> </a>is a staff reporter at Mercom India. Before joining Mercom, he worked as a technical writer for enterprise resource software companies based in India and abroad. He holds a bachelor’s degree in Journalism, Psychology, and Optional English from Garden City University, Bangalore. <a href="https://mercomindia.com/author/arjun-joshi" target="_blank" rel="noopener">More articles from Arjun Joshi.</a></p>
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Brookfield, EIG Consortium Seal A$18.7 Billion Deal to Buy Origin Energy

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