Australia Sanjeev Gupta's GFG Alliance looks to sell-off solar farm and battery project
Gupta running out of time to save 5,000 steel jobs
The government's resolve to save Sanjeev's Gupta's Liberty Steel will soon be tested.Sanjeev Gupta is desperately seeking a source of operating cash to replace the collapsed financier Greensill Capital which kept Liberty Steel owners GFG (Gupta Family Group) Alliance afloat.
GFG Alliance is looking to sell-off some of it's renewable energy projects in South Australia.
The news comes a day after the company announced it hadand a coal mine in New South Wales, which together employ almost 2,000 people.
GFG Alliance confirmed it has appointed EY (Ernst & Young) to explore potential sale or partnership options for the Cultana Solar Farm, near Whyalla, and the Playford Battery project, near Port Augusta.
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Prince William and Kate Middleton had a very special outing just days away from their 10th wedding anniversary. The Duke and Duchess of Cambridge went to County Durham to visit a fifth-generation farm, which their Royal Wedding Charitable Gift Fund helped in 2011. During the visit to Manor Farm on Tuesday, the royals met owners Clare Wise and Stewart Chapman, who run the mixed cattle and sheep farm along with their three children Clover, 9, Penelope, 7, and Wren, 4. © AP Prince William and Kate Middleton had a very special outing just days away from their 10th wedding anniversary.
A company spokesperson said the Cultana Solar Farm, which was meant to include 780,000 solar panels, is "shovel-ready status with relevant approvals and licenses in place".
The Playford Battery project, however, has not progressed as much.
"A site near Port Augusta has been secured for the Playford Utility Battery and planning is well advanced," the spokesperson said.
In a statement, the company said it would still look to shore-up a deal which would supply the renewable energy to the Whyalla Steelworks, to continue with Sanjeev Gupta's vision of creating "green steel".
"The projects have been designed to supply and store renewable energy to power GFG's Whyalla Steelworks, as well as supply renewable energy to the national energy grid," the statement said.
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"The partnership and sale options under consideration will include SIMEC retaining an interest and with GFG retaining priority access to this energy for its Whyalla development plans.
"This is a practical step to explore ways to power our Whyalla operations with low cost renewable energy sooner, which is key to our future ambitions."
Sell-off follows financial lifeline announcement
The potential sales come as GFG Alliance said it had secured a financing deal to pay off debts owed to Greensill Capital, and ultimately Credit Suisse.
It's understood the exposure for Mr Gupta's Australian operations was more than $400 million.
In a recent podcast to his employees, Mr Guptafor funding.
Attempts by Credit Suisse to wind up the operations of the Whyalla Steelworks and the Tahmoor coal mine have been delayed in a New South Wales Court.
Isolate phase reaction
Good morning, early birds. New South Wales health officials are conducting genome sequencing after Sydney recorded a new community-transmitted case of COVID-19, and the Morrison government is facing its first legal challenge regarding its use of emergency powers to criminalise travel from India. It's the news you need to know, with Chris Woods.NSW Health has listed at least 19 exposure sites across the city’s eastern suburbs, spanning Annandale, Balgowlah, Bondi Junction, Brookvale, Casula, Collaroy, Double Bay, Mascot, Moore Park, Paddington, Rose Bay, Rushcutters Bay, Silverwater and Sydney.
Citibank, on behalf of Credit Suisse, last month.
Court documents show Citibank wants the businesses to wound up in insolvency "on the basis that the companies are not able to pay all of their debts, as and when they become due and payable".
But the companies plan to oppose the application, claiming they "are solvent entities."
The parties will appear before a judge in July, when a hearing date is expected to be scheduled.
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Report warns of Uighur forced labour in solar panel supply chain .
Beijing’s Uighur labour programmes are ‘tantamount to forcible transfer of populations and enslavement’, report says.The study by the United Kingdom’s Sheffield Hallam University said Chinese “labour transfers” in the northwest Xinjian region, where rights groups say the Muslim-minority Uighurs have been subjected to persecution and internment, is deployed in “an environment of unprecedented coercion, undergirded by the constant threat of re-education and internment”.