Brookfield Leads $12 Billion Bet on Australia Climate Shift (1)

Brookfield Asset Management Inc.led a A$18.4 billion ($11.8 billion) offer to acquire utility Origin Energy Ltd., its latest bid to add exposure to Australia’s accelerating shift away from fossil fuels.

The deal, Asia’s third-largest announced acquisition this year according to data compiled by Bloomberg, is backed by Sydney-based Origin’s board. Brookfield said it aims to turn the energy generator and retailer -- with around 4.5 million customer accounts -- into Australia’s key provider of clean power.

Under Brookfield’s plan, an additional A$20 billion will be invested by 2030 in Origin’s transition strategy, including adding more capacity in renewable ...