U.K. industrialist Sanjeev Gupta will invest $1 billion for Australia’s clean energy deployment, according to U.K. media outlets on Wednesday.
The one-gigawatt renewable energy project, featuring 780,000 solar panels, will produce 280 megawatts of power generating enough electricity for 96,000 homes.
According to the local media, the Cultana Solar Project will be based in southern Australia’s Upper Spencer Gulf.
The project, which will offset 492,000 tonnes of carbon dioxide every year, is expected to help Australian industry’s transition to more competitive power.
Quoted in the media, Gupta said he had no doubt generations to come would be powered mostly by renewable energy, although the transition would take time and must be phased in carefully.
By Gulsen Cagatay