GFG Alliance-ZEN Energy deal, the ‘holy grail’ of energy policy

21 September

South Australian 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 storage.

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.

“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,” Premier Weatherill said.

“It’s clear – coal is the past, renewables are the future.

“This is also great news for the Upper Spencer Gulf, which is already proving to be a leader in renewable technology projects.”