(CercleFinance.com) – Rio Tinto plans to invest an additional $600 million in renewable energy assets in the Pilbara, as part of the company’s efforts to decarbonise its iron ore operations in Western Australia.
The investment will finance the construction of two 100 MW solar power plants as well as 200 MWh of battery storage in the Pilbara by 2026. These installations are in addition to the 34 MW of solar energy installed at the Gudai iron mine- Darri, recently commissioned.
Initial funding for the first large solar farm has been approved. Construction, will involve the installation of around 225,000 solar panels and is expected to start next year, before the project is commissioned in 2025.
This project will reduce gas costs by approximately $55 million per year at current prices by replacing approximately 30% of the company’s current gas consumption in the Pilbara.
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