Canadian investment giant Brookfield is pushing ahead with its $18.7 billion takeover bid for Origin Energy, amid questions about its tax avoidance. 

Brookfield says the buyout, which is subject to approval from the Australian Competition and Consumer Commission (ACCC), will play a significant role in propelling Australia's clean energy transition forward. 

However, analysis has described it as “a prolific tax dodger on the global stage”.  

Brookfield, in partnership with US private equity gas investor EIG, says it aims to expedite the development of an additional 10 gigawatts of renewable energy capacity over the next decade, surpassing Origin Energy's independent projections. 

The proposed acquisition envisions Origin constructing 14 gigawatts of new renewable energy facilities at a cost of at least $20 billion. 

Brookfield has voiced concerns that the project's timeline could be delayed by up to 10 months if the ACCC rejects the deal, forcing Origin to rely solely on its own balance sheet to fund the renewables rollout.

Brookfield's submission to the ACCC lays out an absence of genuine competition concerns, saying the existing regulations governing the electricity and gas sectors mitigate potential issues arising from the integration of Origin's energy market assets and AusNet Services, a significant Victorian transmission and distribution company owned by Brookfield. 

The submission also underscores the potential for the deal to foster the growth of local manufacturing in the wind power and battery industries, while expanding Origin's access to new renewable energy technologies.

Brookfield contends that the acquisition would deliver considerable benefits to Australian consumers, including a more efficient platform for “distributed energy resources” like solar panels, batteries, and electric vehicles. 

Brookfield and EIG have sought formal authorisation from the ACCC, acknowledging the competition concerns associated with the integration of Origin's integrated gas and electricity operations with Brookfield's AusNet Services and Intellihub smart meters business.
The ACCC may require undertakings or asset divestments to ensure compliance with competition regulations.

While Brookfield's takeover bid is under scrutiny, concerns have been raised about the corporation's tax avoidance practices. 

A report by the Centre for International Corporate Tax Accountability & Research (CICTAR) highlights Brookfield's aggressive tax strategies, extensive international operations and use of tax haven entities.