Could Origin Energy (ASX:ORG) shares be next on the investment agenda for Mike Cannon-Brookes?

There still might be another opportunity for the tech billionaire to lend a helping hand in the decarbonisation of Australia…

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There is speculation swirling around what might be the next move for tech billionaire Mike Cannon-Brookes, and whether it could involve Origin Energy Ltd (ASX: ORG) shares.

Yesterday, the $10 billion energy giant published a strategy refresh which puts an acceleration in renewables at the front of its plans.

Its ambitions of leading the net-zero transition turned up only two days after an $8.25 per share bid for AGL Energy Ltd (ASX: AGL) from a consortium led by Cannon-Brookes' private investment was turned down.

Now, another door might be open for Cannon-Brookes to steer Australia towards decarbonisation.

Could Cannon-Brookes provide the financial fodder?

While Origin Energy has proposed a more swift exit from coal-fired power than AGL, it still might have a reason for the Atlassian (NASDAQ: TEAM) co-founder to get involved.

As previously announced, Origin wants to bring forward the closure of Eraring power station to August 2025. Meanwhile, AGL's less ambitious deadline of 2035 provided ample motivation for Cannon-Brookes to take action.

Ultimately, the $20 billion set aside by the billionaire and Canadian investment firm Brookfield to transition AGL away from coal is now dead in the water. However, the capital might be able to find a different home.

As outlined, ASX-listed Origin Energy plans to develop multi gigawatts worth of renewable assets this decade. In addition, it is open to partnering with third-party capital to bring these objectives into the real world. Origin Energy shares lifted on Wednesday on the news.

Origin chief financial officer Lawrie Tremaine was asked whether the company would take a $10 billion to $20 billion investment. In response, Tremaine said:

[…] an ambition that has some scale attached to it. And so would we partner with one party across a range of opportunities? Yes, we would consider that for sure.

Similarly, Origin CEO Frank Calabria shared in openness towards third-party funding, stating:

If there was a large source of funds that wanted to go on that journey with Origin, we would certainly be open to that and that may be the appropriate way to execute that strategy by the introduction of one partner that could go on that journey to all the development of those renewables.

How have Origin Energy shares performed?

Since the beginning of the year, the Origin Energy share price has moved upwards, rising 8.2%. For context, the S&P/ASX 200 Utilities Index (ASX: XUJ) is up 3.7%, suggesting it is performing better than its peers.

However, the AGL share price is outperforming Origin, with multiple takeover bids supporting its valuation. Cannon-Brookes has said the latest offer was the last from him.

Motley Fool contributor Mitchell Lawler has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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