Australian Mining Magnate Invests $2.2B in Renewable Energy

Nikola Gemeš | 2022-08-03 | Category : Green Industry | 2 minutes read | 0 Views

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Australian iron ore billionaire Andrew Forrest announced he was investing A$3 billion ($2.2B) in renewable energy projects in central Queensland.

Forrest, who’s been betting heavily on a global green revolution, revealed his company Squadron Energy has acquired the two-stage Clarke Creek project, a wind, solar, and battery farm operation.

Reuters reports that Forrest wants to transform Fortescue Metals Group Ltd (FMG.AX) into the world’s biggest green energy group.

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

The first stage of the Clarke Wind project is expected to be fully operational in 2024, while the stage two could come online in 2026.

Once complete, the project could provide enough wind, solar, and battery energy to supply more than 660,000 homes.

That is enough clean power for about 40% of Queensland households!

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Nikola Gemeš

Nikola uses his background in electrical engineering to break down complex sustainability topics for GreenCitizen's readers. He is a firm believer in environmental conservation, which he practices daily through recycling and home-grown food. He enjoys hiking, engaging in white-water sports, and collecting pocket knives.