Fortescue (ASX:FMG) Future Industries is planning a HUGE solar and wind farm

Fortescue Metals Group Limited (ASX: FMG) is planning for Fortescue Future Industries to build a massive solar and wind energy farm.

For readers that haven’t heard of FFI, Fortescue says it’s taking a global leadership position in green energy and green technology with a vision to make green hydrogen the most globally traded seaborne commodity in the world.

Fortescue’s massive renewable energy plan

Fortescue Future Industries is planning to build a very large renewable energy hub for up to 5.4GW of generation capacity from and solar. It will include 340 wind turbines according to reporting to The Australian.

The idea is that this huge green energy producer will send power to the Eliwana mining operations with 170km of power transmission.

FFI is also planning to install a very large battery as well.

How big is this project? According to reporting, if it produces 5.4GW then this would be approximately the same amount of power for WA’s South West Integrated System, which reportedly powers the south west of WA, including Perth.

How much carbon emissions will this actually save?

The Australian reported Fortescue Future Industries has outlined in documents lodged with the WA environmental regulator how much greenhouse gas emissions it thinks will be reduced with the construction of this renewable energy project:

The implementation of the proposal will enable Fortescue to reduce annual greenhouse gas emissions by at least 1.5 million tonnes of carbon dioxide equivalent emissions by 2030 in line with the Paris Agreement to limit global warming to well below 2C compared to pre-industrial levels.

Establishment of the Uaroo Renewable Energy Hub is a critical component of achieving net zero emissions from Fortescue mining operations by 2030.

Construction works will commence following receipt of all necessary approvals and are anticipated to run for approximately seven years. Renewable energy generation and electricity transmission infrastructure will be progressively constructed and commissioned in stages.

What else is Fortescue doing?

The business is working on a number of things.

It is building a global green energy manufacturing centre in Gladstone, Queensland. The first stage is a large electrolyser manufacturing facility.

Fortescue Future Industries has entered into a master development agreement with the State of Papua New Guinea that will enable FFI to undertake feasibility studies on a portfolio of major green energy and hydrogen projects.

It has also entered into an agreement with AGL Energy Ltd (ASX: AGL) to undertake a feasibility study to repurpose infrastructure at the Hunter Valley Liddell and Bayswater coal-fired power stations to generate green hydrogen.

The post Fortescue (ASX:FMG) Future Industries is planning a HUGE solar and wind farm appeared first on The Motley Fool Australia.

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Motley Fool contributor Tristan Harrison owns Fortescue Metals Group Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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