GFG Alliance links with Shanghai Elec for Australian solar farm (updated)
03/06/2019 08:57
* Tie-up to build 280 MW solar plant in South Australia
* Plant to power GFG's Whyalla steelworks
* GFG considering "various capital markets" for listing
* Victoria or South Australia EV hub decision expected by
year-end
(Adds chairman comment, detail on car manufacturing)
MELBOURNE, June 3 (Reuters) - GFG Alliance, a privately held
conglomerate run by Britain's Gupta family, on Monday said it
had linked up with Chinese energy company Shanghai Electric
601727.SS to build a solar farm in the state of South
Australia.
The 280 megawatt (MW) Cultana solar project would power
GFG's Whyalla steelworks, as well as other industrial and
corporate customers.
GFG did not put a price tag on the solar farm, but said it
was part of a promise made by GFG Chairman Sanjeev Gupta to
spend $1 billion in renewables in Australia, which also includes
a hydropower dam and a large battery hub.
"Everything is ready so ... We'll start the construction
phase fairly soon," Gupta told reporters.
GFG is regenerating the aged steelworks, which it bought
from administrators in August 2017. It is looking to expand its
annual output to 10 million tonnes from 1.2 million tonnes
currently.
Gupta has said he would consider a partial listing of the
company's steel assets in Britain, Europe and Australia in the
second-half of 2019. urn:newsml:reuters.com:*:nL3N220006
"We are examining ... various options on various capital
markets," he said.
He declined to give details on the possible listing, which
could include a public offering in one or both of Australia and
the United States.
GFG Group early this year said it had signed up with British
racing car engineering firm Gordon Murray Design to build an
electric vehicle, either at a Holden plant in South Australia or
next door at a location in the southern state of Victoria.
"The exact location is still open - whether it's in Victoria
or South Australia. There is a lot of work being done ... on
what sort of car we should launch first," he said.
"We have narrowed that down and hopefully very soon,
certainly within this year we will be announcing ... our
detailed plans on what we will build and where."
GFG said it plans to invest in up to 10 GW of large-scale
solar and other renewables projects across Australia.
($1 = 1.4384 Australian dollars)
(Reporting by Melanie Burton; Editing by Richard Pullin and
Joseph Radford)
((melanie.burton@thomsonreuters.com Twitter: @MelanieMetals;
+613 9286 1421; Reuters Messaging:
melanie.burton.thomsonreuters.com@reuters.net))