Macquarie Group and a consortium plan to invest A$22 billion ($16 billion) in a wind and power development in Australia, according to news sources. It will provide electricity to mines and mineral processing operations throughout the Pilbara region.
In addition, The Asian Renewable Energy Hub also increased the development’s planned output of 9 gigawatts to more than 11 gigawatts.
Macquarie will provide development capital to the hub and team up with CWP Energy Asia, a wind farm investor, Intercontinental Energy, a renewables developer, and Danish wind turbine manufacturer Vestas in the consortium.
The first phase’s final investment decision of the hub is scheduled for 2021 and will be constructed in phases over six to seven years.
