An international alliance has bought a majority stake in Adelaide-based energy company ZEN Energy.
The deal will see GFG Alliance invest in renewable energy to help drive down energy costs.
GFG Alliance is an international group of businesses, founded by the British Gupta family, which bought Whyalla’s Arrium steelworks in July 2017 and took control of the operation this month.
South Australian Premier, Jay Weatherill, has welcomed GFG Alliance’s investment.
“This really is the holy grail of energy policy – a major industrial player choosing to invest in renewables to supply their large-scale power needs,” Mr Weatherill said.
“It’s clear – coal is the past, renewables are the future.
“This is also great news for the Upper Spencer Gulf, which is already proving to be a leader in renewable technology projects.”
The Upper Spencer Gulf has the largest solar thermal plant of its type in the world being built at Port Augusta and the state’s biggest solar PV plant under construction at Whyalla.