A consortium led by Canada’s Brookfield Renewable Partners has acquired Australia’s largest integrated power generator Origin Energy, and announced plans to plough billions into clean energy and decarbonisation. 

The acquisition, confirmed on March 27, will split Origin into two businesses and see Brookfield make at least A$20bn ($13.3bn) of additional investment over the next decade to construct up to 14 gigawatts of new renewable generation and storage facilities across Australia. Brookfield also plans to retire Eraring, one of Australia’s largest coal-fired power plants.

Global energy and infrastructure EIG, another consortium partner, will acquire Origin’s liquified natural gas business through its company MidOcean. The overall deal values Origin Energy at an enterprise value of A$18.7bn ($12.46bn).

US-Japan critical mineral trade agreement

The US and Japan signed a deal on March 28 to facilitate trade in critical minerals, as both countries strengthen the supply chains underpinning electric vehicle (EV) batteries and other green technologies.

In a meeting between US trade representative Katherine Tai and Tomita Koji, Japan’s ambassador to the US, the two countries committed to not impose any export duties on critical minerals. The agreement also stated a commitment to “best practices regarding review of investments” made by foreign entities in their respective critical mineral sectors.

“This is a welcome moment as the US continues to work with our allies and partners to strengthen supply chains for critical minerals, including through the Inflation Reduction Act,” Ms Tai said.

Wolfspeed adds R&D to North Carolina plans

American silicon carbide semiconductor manufacturer Wolfspeed has announced plans to open a new research and development (R&D) facility at the North Carolina Agricultural and Technical State University.

The announcement, made during a March 28 event attended by US president Joe Biden, will augment the company’s plans to invest around $5bn into a manufacturing facility for silicon carbide chips used in EVs. Wolfspeed intends to submit its new R&D project for federal investment from the US Chips and Science Act.

In February, Wolfspeed committed to construct the world’s largest silicon carbide device manufacturing facility in Saarland, Germany. This forms part of the company’s $6.5bn global capacity expansion plan.

And finally, Reuters reported yesterday that Russia will oblige foreign companies selling their assets in the country to donate at least 10% of the sale price to the Russian budget. Since the war in Ukraine, more than 1000 companies have withdrawn from Russia or suspended their operations in the country.