Sep 20 (Renewables Now) - GFG Alliance of steel entrepreneur Sanjeev Gupta has today agreed to buy a majority stake in Australian solar and storage firm ZEN Energy, the companies announced.
The news follows closely on GFG Alliance's acquisition of Australia's largest integrated steel and mining business Arrium.
GFG Alliance is acquiring the stake and forming strategic partnership with ZEN through its energy division SIMEC Energy. The joint venture, to be called SIMEC ZEN Energy, will work to provide improved energy security and cheaper power to GFG Alliance and other businesses in Australia. It will also project-manage the development of SIMEC Energy Australia's new large-scale energy projects, including photovoltaic (PV), battery storage and pumped hydro facilities.
"GFG Alliance is already one of the biggest users of industrial energy in Australia. Given the issues here, it has been a priority for us to take decisive remedial steps," Sanjeev Gupta said, adding that the deal combines GFG Alliance's power expertise developed in the UK with ZEN's local knowledge in Australia. "Our main focus, as in the UK, will be renewable energy," he said.