“The high cost of energy for Australian consumers is debilitating for the economy and a crying shame for a country so rich in resources,” said Sanjeev Gupta, executive chairman of GFG Alliance. “We clearly see a need for industrial groups and energy generators to work together.”
GFG Alliance, which recently bought Australian steel producer Arrium, said that it aims to invest in large-scale power projects in the country. However, it did not disclose the terms of its agreement with ZEN Energy. It also did not reveal the size of the stake it purchased.
In addition, it failed to outline its specific plans for the Australian solar and energy-storage markets, beyond saying that ZEN Energy would work with SIMEC Energy to provide electricity for the latter side’s mining sites in South Australia. They will also jointly generate electricity for Liberty OneSteel’s businesses in South Australia, Victoria, New South Wales, Queensland, and Western Australia.