Fortescue Signs $130 Million Investment in Energy Infrastructure Developer, Green Energy Terminal
October 04 2022 - 5:22PM
Dow Jones News
By Rhiannon Hoyle
Fortescue Metals Group Ltd. on Wednesday said it will invest 130
million euros (US$130 million) in Belgium-based Tree Energy
Solutions B.V. and a clean-energy terminal it is developing in
Germany, as the Australian resources company seeks to build a
global portfolio of renewable energy and green hydrogen
projects.
Fortescue said its clean-energy arm, Fortescue Future
Industries, or FFI, will invest 30 million euros to become a
shareholder in Tree Energy Solutions. It will also invest 100
million euros in the construction of the TES terminal in
Wilhelmshaven, Germany.
The investment will be funded by FFI's unutilized capital
commitment, which at June 30 totaled US$1.1 billion. Fortescue
consequently revised FFI's estimated capital expenditure for fiscal
2023 to US$230 million from US$100 million.
Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com
(END) Dow Jones Newswires
October 04, 2022 18:07 ET (22:07 GMT)
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