Fortescue’s Andrew Forrest to invest $2.2 billion in Queensland renewables project

Australian iron ore magnate Andrew Forrest will invest US$2.2 billion in a wind, solar and battery farm development in central Queensland, via his renewables company Squadron Energy.

Forrest yesterday announced that Squadron has acquired the two-stage Clarke Creek project, with contracts already issued for the immediate start of construction.

“We are investing in Clarke Creek not only to harness the renewable power of the wind and sun to energise our homes, our factories and our cities, but as a critical step towards breaking our reliance on fossil fuels,” Forrest said in a statement.

Forrest, Australia’s richest man, aims to turn his iron ore mining company Fortescue Metals Group into the world’s biggest green energy group. Fortescue Future Industries was created in 2020 with a focus on producing zero emission hydrogen from renewable sources.

Stage one of the Clarke Wind project is anticipated to be fully operational in 2024. Stage two could come online in 2026. When completed, the project could produce enough wind, solar and battery energy to power more than 660,000 homes, or 40% of Queensland households, Forrest said.