Fortescue Limited (FMG.AX), an Australian miner, said that its Board has approved a $680 million investment to develop new green energy infrastructure to meet growing industrial demand for green power. This proposed investment will expand the company's green energy capacity in Pilbara.
Fortescue will develop the 200MW Pilbara Green Energy Project to deliver additional renewable energy.
The miner will deliver a fully integrated, off-grid renewable energy system and large-scale battery storage and firming capability. The project is expected to be completed by 2028.
The $680 million investment is in addition to the company's previously approved $6.2 billion decarburization program.
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