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Australia Mining Magnate Invests $2.2bn In Green Energy Plan

Andrew Forrest says he wants to turn Fortescue Metals Group Ltd into the world’s biggest green energy group after investing in Clarke Creek Project


Andrew Forrest of Fortescue Metals
Andrew Forrest, Australian billionaire and chair of Fortescue Future Industries. File photo: Reuters.

 

Australian iron ore magnate Andrew Forrest revealed on Sunday he was investing A$3 billion ($2.2 billion) in renewable energy in central Queensland.

Forrest, Australia’s richest man who’s been betting big on a global green revolution, said his company Squadron Energy has acquired the two-stage Clarke Creek project – a wind, solar and battery farm development – with contracts already issued for the immediate start of construction. 

“We are investing in Clarke Creek not only to harness the renewable power of the wind and sun to energise our homes, our factories and our cities, but as a critical step towards breaking our reliance on fossil fuels,” Forrest said in a statement. 

 

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Forrest has said he wants to turn Fortescue Metals Group Ltd, of which he is chairman, into the world’s biggest green energy group.

Stage one of the Clarke Wind project is anticipated to be fully operational in 2024. Stage two could come online in 2026, Forrest said. 

When completed, the project could produce enough wind, solar and battery energy to power more than 660,000 homes, or 40% of Queensland households, Forrest said in the statement.

 

  • Reuters with additional editing by Sean O’Meara

 

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Sean O'Meara

Sean O'Meara is an Editor at Asia Financial. He has been a newspaper man for more than 30 years, working at local, regional and national titles in the UK as a writer, sub-editor, page designer and print editor. A football, cricket and rugby fan, he has a particular interest in sports finance.

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