(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.
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.
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.
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.
©2022 Bloomberg L.P.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
