Australia-based miner Rio Tinto has announced that is planning to invest a further $600 million in renewable energy assets in the Pilbara region as part of its efforts to decarbonize its Western Australian iron ore operations.
The investment will fund the construction of two 100MW solar power facilities as well as 200MWh of on-grid battery storage in the Pilbara by 2026.
In addition, initial funding for Rio Tinto’s first major stand-alone solar farm on the Pilbara coast has been approved. Construction, which will involve the installation of approximately 225,000 solar panels, is expected to start next year.
These new projects combined are expected to reduce 10 percent of Scope 1 and 2 carbon emissions from Rio Tinto’s iron ore business in the Pilbara. It will also reduce annual gas costs by approximately $55 million at current prices by displacing around 30 percent of the company’s current gas consumption in the Pilbara.
