British industrialist and the new owner of steelmaker Arrium, Sanjeev Gupta, has extended his Australian holdings with an agreement to take charge of renewable energy company Zen Energy.
Mr Gupta's GFG Alliance says securing a majority stake in Zen will help it realise its Australian energy ambitions.
It says Zen Energy will partner with its energy division SIMEC to deliver cheaper, more reliable and environmentally sustainable energy for its mining and steel production operations in South Australia, Victoria, NSW, Queensland and Western Australia.
"The high cost of energy for Australian consumers is debilitating for the economy and a crying shame for a country so rich in resources," Mr Gupta said in a statement on Wednesday.
"We clearly see a need for industrial groups and energy generators to work together.
"With our partners, we can deliver a step change in the power industry, bringing innovative solutions and new projects to dramatically reduce the cost of dispatchable power "
Mr Gupta's company took charge of Arrium earlier this month and reaffirmed plans to invest up to $1 billion to upgrade and expand the capacity of the Whyalla steelworks.
He also flagged further investment in Australia including possible construction of new port facilities, further mining activity and the development of extra pumped hydro and solar power plants to lift energy production.
ZEN uses a combination of energy sourced from new and existing power plants, demand management technologies and energy storage to deliver energy supply solutions.
It also manages the development of new renewable energy projects.
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