British billionaire and Whyalla steelworks owner Sanjeev Gupta has sold a key investment less than three years after purchasing it amid a push to cut costs within his international business.He planned to use it for power projects to fund his Whyalla steelworks'Mr Gupta's company GFG Alliancein late 2017, as part of a plan to invest in large-scale power projects to meet its own energy needs.
Project development businesses, such as the Cultana Solar Farm near the Whyalla steelworks, will be owned by SIMEC Energy Australia.GFG Alliance confirmed the sale in a statement but declined to say how much money the stake was sold for. "Ross's deep understanding of the evolving renewable energy space was pivotal in the development of our $1 billion renewable energy program. I wish Ross and the entire ZEN Energy team all the best for the next stage of their business journey," Mr Gupta said.
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