Rio Tinto: to fund two solar plants in Australia
(CercleFinance.com) - Rio Tinto plans to invest a further 600 million dollars in renewable energy assets in the Pilbara as part of the company's efforts to decarbonise its iron ore operations in Western Australia.
The investment will fund the construction of two 100MW solar power plants and 200MWh of battery storage in the Pilbara by 2026. This is in addition to the 34 MW of solar power installed at the recently commissioned Gudai-Darri iron ore mine.
Initial funding for the first major solar farm has been approved. Construction, which will involve the installation of around 225,000 solar panels, is expected to begin next year, with the project to be commissioned in 2025.
The project will reduce gas costs by about 55 million dollars per year at current prices by replacing about 30% of the company's current gas consumption in the Pilbara.
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