Billionaire Forrest to Develop A$3 Billion Renewables Project
(Bloomberg) -- Billionaire Andrew Forrest's investment arm will develop a A$3 billion ($2.2 billion) wind, solar and battery facility in Australia that's billed as the largest renewable energy precinct in the southern hemisphere.Â
The Clarke Creek project in Queensland could generate enough power for more than 660,00 homes -- equivalent to about 40% of the state's households -- according to Squadron Energy, a unit of Forrest's Tattarang investment group.Â
Forrest, seeking to transform his iron ore producer Fortescue Metals Group Ltd. into a global force in clean energy, has urged Australian policymakers to pursue a faster transition away from fossil fuels. The country still gets around 60% of its power from coal-fired plants, though a surge in cheap renewables has eroded their profitability and is accelerating plans to shutter the facilities
Construction of the Clarke Creek, about 150 kilometers (93 miles) northwest of Rockhampton, will start immediately, with a first phase scheduled to come online in 2024, Squadron said in a statement. The plant will supply energy to the grid via a power purchase agreement with Queensland's state generation company Stanwell Corp.Â
READ: Billionaire Forrest Plans Green Energy Factory to Rival China
Fortescue's clean energy arm has also begun construction of a plant in Gladstone, Queensland to producer electrolysers, needed to produce hydrogen using renewable energy. The facility is part of Fortescue Future Industries' plan to be producing 15 million tons of green hydrogen by 2030.Â
©2022 Bloomberg L.P.
-
Signature Play: The Classic Cocktail Is Dead. Or Is It?
Classic cocktails are disappearing from India's cocktail menus. But they're still being ordered, taught to bartenders and borrowed from. So, who's really having the last drink?
-
A New Samvat Wishlist: Inclusive Prosperity And Human Development
India has strengthened its economic foundations through infrastructure, digital access and enterprise. Its next growth chapter must deepen productivity, create better livelihoods and widen participation in prosperity.
-
Love, Sex Aur Dhokha: The Audacious Plot To Spy On Jensen Huang
A Taipei dinner, a Singapore chip buyer and a suspected Chinese asset: inside the alleged spy operation that got close to NVIDIA's Jensen Huang.
-
Ten Things I Learnt This Samvat
Patience can be a trap. Cheap stocks can stay cheap. Leverage can wipe you out. What did Samvat 2082 teach us? Niraj Shah writes on 10 lessons from the year gone by.
-
Talking Points This Week: Tech Nerves, FII Buying, And A Faraway Banking Shock
The global markets are not shining this Diwali. The exception in the large markets is, India.
-
Midterm Rally Lasted A Day. The Hard Reality Of A Divided US May Last Two Years | Opinion
Between a contested AI boom, a debt ceiling that arrives in 2027 and a president with every incentive to act alone, the next two years may prove more volatile than the first day's rally suggests.
-
Blue Wave Will Derail the AI Trade but Won't Dismantle the AI Era | Unhedged Position
The Democrats' sweep of the US Congress will see politics collide with economic forces both over the long and short term.
-
It's Time To Take The GST Council's Bet On Trust Global
Payment records can prove India's services exports, and clear, proportionate rules can bring foreign digital sellers into the tax net.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
