Fortescue plans to build 235 GW renewable capacity
Post date: 12/11/2020 - 11:54
Billionaire Andrew Forrest's Australian mining company Fortescue Metals Group (FMG) has unveiled plans to build 235 GW of installed renewable capacity, mainly solar and wind. According to news agency »Reuters«, FMG's wholly owned subsidiary Fortescue Future Industries Pty Ltd. (FFI) has already signed preliminary deals, and a team of executives is looking for other partners, but did not provide a timeline.
»We are building a portfolio of renewable assets, energy producing assets around the world,« said Fortescue' Chairman Forrest. According to Reuters, the company has so far committed AUD 1 billion (USD 731 million) out to 2023 for the project. Company executives have already visited 23 countries to shortlist partners and plan to visit 24 more, »with investments tied to human rights obligations.«
Fortescue aims that its own operations to be carbon neutral by 2040. The company posted a record revenue of $12.8 billion for the financial year (FY) ended June 30, 2020, an increase of 29 percent compared to FY 2019. Net profit was $4.74 billion (+49 percent).