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Arrium’s new owner GFG Alliance has bought Adelaide’s ZEN Energy in a move designed to “dramatically reduce” power costs

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Arrium’s new owner GFG Alliance has bought Adelaide’s ZEN Energy in a move designed to “dramatically reduce” power costs

20 September 2017

ARRIUM’S new owner GFG Alliance will buy a majority stake in Adelaide renewable power company ZEN Energy in a bid to “dramatically reduce the cost of dispatchable power’’.

GFG will buy a majority stake in Zen from its owners which include former federal climate change adviser Ross Garnaut and Economic Development Board chairman Raymond Spencer.

GFG bought Arrium out of administration last month for a figure rumoured to be about $700 million with GFG executive chairman Sanjeev Gupta indicating at the time that the company had big ambitions to grow the mining and steelworks businesses but also expand into power generation.

 

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Source: Cameron England, Business Editor, The Advertiser

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