Australia’s Leading Miner Andrew Forrest to Invest $2.2 Billion in RE

Australian iron ore magnate Andrew Forrest has announced that he is investing Australian Dollar $3 billion ($2.2 billion) in renewable energy in the island country. Forrest had announced previously that he will be investing big on a global green revolution.

Most of the projects for RE will be coming up in the Central Queensland region.

In the announcement, Andrew Forrest held that his company – Squadron Energy – has acquired the two-stage Clarke Creek project. The project will see the development of a wind, solar and battery farm development. He also said that for the instantaneous start of construction related to the projects, contracts are already issued.

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“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.

The Clarke Wind project is to be developed in two phases. The company says that stage one of the wind project is expected to be fully operational by 2024. Stage two will be completed and functional in 2026.

Forrest maintained that once the project is complete, the wind, solar and battery energy thus produced will be enough to power more than 660,000 homes that make up 40% of total households in Queensland.

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The leading iron ore player also added that he wants to turn his flagship firm Fortescue Metals Group Ltd into the world’s biggest green energy group. He is currently the chairman of the company.

He has set an ambitious target of transforming Fortescue Metals into a high-tech start-up. The purpose of the transformation is to produce five times more renewable energy than the Australian power grid. The group also wants to sell hydrogen to the factories and mills of the world.

In his vision, the world needs at least 5,000 GW of clean energy to arrest climate change challenges and he is ready to provide capital and technology to generate at least 1000 GW.

He added, “We figure if we are able to set an example of a 1,000GW target then people will realise that the impossible isn’t actually impossible. We’re hoping that other companies will get in and vigorously compete with us, and maybe even challenge and beat us, but what will happen in that process is global warming will slow and eventually stop. That’s our mission.”