Fortescue will spend almost $1 billion to expand its green energy capacity in the Pilbara, positioning the company to help meet growing demand for green power from industry.
The $953 million ($US680 million) investment focuses on the rapid development of the 200-megawatt Pilbara green energy project which will help deliver additional renewable energy generation beyond what is required for the company’s Real Zero by 2030 strategy.
The investment, which also includes establishing new data centres, is in addition to the previously approved $8 billion decarbonisation program.
Fortescue will deliver a fully integrated, off-grid renewable energy system and large-scale battery storage and firming capability. The project is anticipated to be completed by 2028, with a pathway to multi-gigawatt expansion beyond 2030.
This system is independently operated and replicable, designed to offer reliable power at scale.
“Fortescue is already demonstrating in the Pilbara that heavy industry can operate on a fully integrated renewable grid – eliminating fossil fuels while improving cost, reliability and control,” Fortescue executive chairman Andrew Forrest said in a statement.
“This is about replicating our Decarbonisation Green Grid, delivering new green electrons at a scale and speed to market not able to be replicated by fossil fuel.”