Origin Energy’s board has unanimously backed the deal, aiming to implement it by early 2024. The transaction is subject to shareholders in Origin approving it, an independent expert deciding the offer is fair, as well as regulatory and court approvals.
Brookfield said it intends to invest in reducing Origin’s carbon emissions with a business plan that could see at least 20-billion Australian dollars invested over the next decade in renewable power generation and storage facilities in Australia. If successful, that could allow Origin to retire one of the country’s largest coal-fired power generation plans, Eraring, Brookfield said in a news release.
Origin’s integrated gas segment would be owned by MidOcean Energy, a company managed by U.S.-based investor EIG Global Energy Partners, which includes a stake in an Australian liquid natural gas pipeline. EIG and MidOcean have framed gas as a fuel that can act as a bridge in the transition from more heavily polluting energy sources and cleaner, renewable alternatives.
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