• 14 hours Billions Of Dollars Are Flooding Into The Flying Taxi Space
  • 21 hours Is This The Most Important Energy Project Of 2020?
  • 2 days Startups Are Dying To Give You A Better Death
  • 2 days U.S. Restaurants Are Struggling With Rising Labor Costs
  • 3 days The Banking Bonanza Is Just Getting Started
  • 3 days How The Trade War Ceasefire Will Impact The Energy Industry
  • 4 days Who Is The Most Dangerous Person On The Internet?
  • 4 days SoftBank Sees First Quarterly Loss In 14 Years
  • 6 days Prepare For An Oil Glut In 2020
  • 7 days Why A Strong Yuan Is A Promising Sign For The Trade War
  • 8 days What Would You Sacrifice For A Debt-Free Life?
  • 8 days Shareholders Urge Major Bank To Stop Funding Fossil Fuel Companies
  • 8 days Tariffs Are Causing A Slowdown In U.S. Manufacturing
  • 9 days The Great Silicon Valley Migration Has Begun
  • 9 days 3 Oil Stocks Paying Out Promising Dividends In 2020
  • 10 days How Fractional Trading Is Democratizing the Stock Markets
  • 10 days Why Smart Money Is Looking To Short Aramco
  • 10 days Gold Major Looks To Hike Dividends By 79%
  • 11 days Three Reasons Precious Metals Are On The Rise
  • 11 days Will Gold Stocks Continue To Climb Higher?
Prepare For An Oil Glut In 2020

Prepare For An Oil Glut In 2020

Global oil markets will remain…

Mining.com

Mining.com

Mining.com

MINING.com is a web-based global mining publication focusing on news and commentary about mining and mineral exploration. The site is a one-stop-shop for mining industry…

Contact Author

  1. Home
  2. Commodities
  3. Energy

Australian Billionaire To Invest In $88 Million Struggling Solar Project

Solar Farm

Australian mining billionaire and philanthropist Andrew “Twiggy” Forrest is said to have come to the rescue of a massive and troubled solar farm in Western Australia’s Wheatbelt, by agreeing to invest in the A$130 million ($88m) project.

Sydney-based Sun Brilliance has been working on a 100-megawatt solar farm at Cunderdin, about two hours east of Perth, since 2016. The company, however, has struggled to secure financing and faced snags connecting to the grid since it first proposed the project in 2016, Australian Broadcasting Corporation (ABC) reports.

Sun Brilliance confirmed through a tweet on Friday that it had held “very positive discussions” with a “high-calibre investor” to back its project, but didn’t mention Forrester or any of its companies.

Just two weeks ago, the founder of iron ore miner Fortescue Metals Group (ASX: FMG) grabbed headlines for backing another solar farm in Australia’s Northern Territory, which is expected to supply electricity to Singapore.

The company behind that project, Sun Cable, said Forrest’s Squadron Energy and Grok Ventures had become co-lead investors in the A$20bn-plus development. If successful, the so-called Australia-Singapore Power Link development would include a 10-gigawatt-capacity array of panels spread across 15,000 hectares near Tennant Creek, backed by about 22 gigawatt-hours in battery storage.

The NT plan is being developed alongside a similarly ambitious proposal for the Pilbara, the Asian Renewable Energy Hub. The proposed 15-gigawatt wind and solar hybrid plant is expected to power local industry and develop a green hydrogen manufacturing hub.

Forrester is also investing in 60 megawatt (MW) solar farm being built by Alinta Energy at Christmas Creek, which would help replace diesel generation at mines owned by Fortescue Metals.

By Mining.com

More Top Reads From Safehaven.com:

Back to homepage

Leave a comment

Leave a comment