Premier Jay Weatherill has welcomed GFG Alliance’s decision to buy a majority stake in Adelaide-based energy company ZEN Energy.
The investment is a major vote of confidence in South Australia’s economy and the State Government’s leadership towards a renewable energy future.
The deal will see GFG Alliance invest in renewable energy to help drive down energy costs.
The Upper Spencer Gulf is already a leader in renewable energy technology with 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.
Adelaide-based ZEN Energy was established in 2004 and has become a major player in solar energy and battery story.
GFG Alliance is an international group of businesses, founded by the British Gupta family, which bought Whyalla’s Arrium steelworks in July and took control of the operation this month.
Quotes attributable to Premier Jay Weatherill
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.
It’s clear – coal is the past, renewables are the future.
While the Federal Government tosses around lumps of coal in Parliament, the private sector is letting its money do the talking.
This is also great news for the Upper Spencer Gulf, which is already proving to be a leader in renewable technology projects.