Australian Mining Magnate in the Hotseat for World’s Largest Hydro Project
One of Australia’s wealthiest individuals, Andrew “Twiggy” Forrest, is in the hot seat to develop the world’s largest hydroelectric project in central Africa. On Wednesday, the mining magnate’s company, Fortescue Metals Group, confirmed discussions were already underway between Forrest and the Democratic Republic of Congo (DRC) government. Under current arrangements, Forrest’s Fortescue Future Industries (FFI) has been granted exclusive rights to develop the massive US$80 billion Grand Inga development (pdf). Any interested parties keen to invest or participate in the project have been invited to deal with FFI. Grand Inga contains seven potential hydroelectric power stations and could generate over 40,000 megawatts of electricity to power substantial populations of the African continent. If completed, the project will eclipse the combined electricity generation of the Three Gorges in China and Itaipu in South America. However, the DRC has had a troubled track record in obtaining finance for the development. The World …
Originally found on the Epoch Times Read More
