The said deal was divulged less than a month after GFG Alliance has completely acquired Whyalla, claiming that investing in renewable energy will make the company feasible again.
A report published on the website of Renew Economy mentions that the new venture between Zen Energy and the energy unit of GFG, SIMEC Energy, has the potential to remould the issue on renewable energy and the benefits that big businesses in Australia could get from it. The alliance is known as SIMEC Zen.
The Executive Chairman and CEO of GFG Alliance – Australia, Sanjeev Gupta, stated that the expensive cost of energy is “debilitating for the economy and a crying shame for a country so rich in resources.” He added, “our main focus, as in the UK, will be renewable energy.”
The announcement also comes several days after Zen Energy has made a formal application the Australian Energy Regulator for a licence to retail electricity to potential clients utilising solar and storage and demand management technologies.
In a statement, GFG Alliance said, “GFG Alliance has now taken a major step towards realising its Australian energy ambitions. The opportunity to invest in large-scale power projects to meet its own industrial requirements and support the domestic economy was a key driver for GFG’s strategic entry into Australia.”
Furthermore, the partnership will centre on providing more reliable, less expensive, and environmentally sustainable energy for the mining operations of SIMEC in South Australia and Liberty OneSteel’s operations in South Australia, Victoria, New South Wales, Queensland, and Western Australia.
The other projects lined-up for SIMEC Zen includes the development of SIMEC Australia’s latest large-scale energy projects that include solar PV, pumped hydro facilities, and battery storage.
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