Macquarie to Invest in A$22 Billion Australian Renewable Project

(Bloomberg) -- Macquarie Group Ltd. has agreed to invest in a wind and solar power development in Australia’s Pilbara region, which will provide electricity to mines and mineral processing operations in the region.

The Asian Renewable Energy Hub has also increased its planned generation capacity to more than 11 gigawatts, from 9 gigawatts, according to a statement Monday on the project website. Macquarie will join Intercontinental Energy, Vestas and CWP Energy Asia as part of the project consortium.

The hub will consist of 7.5 gigawatts of wind turbines and 3.5 gigawatts of solar photovoltaic arrays. Total capital investment in the development is expected to be more than A$22 billion ($15.5 billion), according to the statement. Financial close for the first phase is expected in 2021 and the project is expected to be constructed in phases over six to seven years.

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