Mining magnate and Australia’s richest man is set to invest £1.6bn into a renewable energy project, as he eyes a slice of the global net zero challenge.
The iron ore titan, Andrew Forrest, said: “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.”
The Queensland-based project, known as Clarke Creek, is a two-stage project with wind, solar and battery farm opportunities which has been snapped up by Forrest’s company Squadron Energy.
Forrest looks set to make green energy his next conquest, saying he wants to turn mining heavyweight Fortescue Metals Group, of which he is chairman, into the world’s largest green energy group.
Clarke Creek’s first stage, which features wind capabilities, is expected to be up and running in 2024. While stage two is anticipated to be fully operational by 2026.
The project could produce enough renewable energy to power more than 660,000 homes, Forrest said in a statement, or some 40 per cent of Queensland’s homes.
It comes as oil giant BP continues to push into the renewable space, after appointing an executive from Danish wind power firm Orsted to head its new offshore wind division, Reuters reported at the end of last month.