Sanjeev Gupta unveils $1bn renewable energy plans in Australia

The billionaire’s programme aims to add 1GW of green energy capacity down under

UK billionaire Sanjeev Gupta has unveiled a $1 billion (£0.78bn), 1GW renewable energy programme based in South Australia.

The first project is a 280MW solar farm, dubbed Cultana Solar Project, which will consist of 780,000 panels capable of generating enough electricity to power 96,000 homes.

Construction of the solar farm, also expected to help offset 492,000 tonnes of carbon dioxide a year, is scheduled to begin early next year.

Mr Gupta, Head of the GFG Alliance and Liberty House, said: “Today’s event is symbolic of our desire to develop and invest in new generation energy assets that will bring down Australia’s electricity prices to competitive levels again, as well as our commitment to local and regional Australia.”

Other future projects include a co-generation plant to power his Whyalla Primary Steel plant using waste gas, the development of lithium-ion battery and pumped hydro projects.

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