Brookfield and MidOcean Energy to acquire Origin Energy

Midocean Energy and Brookfield Renewable Partners, along with their institutional partners and investors, have struck a Scheme Implementation Deed with Australian power generator and energy retailer Origin Energy to purchase 100 per cent of its shares. The scheme values Origin at $12.4 billion. After the transaction is complete, Brookfield’s institutional investors and allies GIC and Temasek Holdings will own Origin’s energy markets division.

MidOcean, an LNG company formed and managed by EIG, will own Origin’s integrated gas business, which includes its upstream gas interests, as well as a 27.5 per cent interest in Australia Pacific LNG (APLNG). Additionally, MidOcean agreed to sell a 2.49 per cent stake in APLNG on to ConocoPhillips, which currently holds 47.5 per cent in APLNG. Brookfield plans to increase Origin Energy’s renewable generation capacity and facilitate the development of up to 14 GW of new assets over the next decade It also plans to bring in the Indian firm, Reliance Industries, to evaluate areas of collaboration in the renewable energy sector.