By Rhiannon Hoyle

Fortescue Metals Group Ltd. on Wednesday said it will invest 130 million euros (US$130 million) in Belgium-based Tree Energy Solutions B.V. and a clean-energy terminal it is developing in Germany, as the Australian resources company seeks to build a global portfolio of renewable energy and green hydrogen projects.

Fortescue said its clean-energy arm, Fortescue Future Industries, or FFI, will invest 30 million euros to become a shareholder in Tree Energy Solutions. It will also invest 100 million euros in the construction of the TES terminal in Wilhelmshaven, Germany.

The investment will be funded by FFI's unutilized capital commitment, which at June 30 totaled US$1.1 billion. Fortescue consequently revised FFI's estimated capital expenditure for fiscal 2023 to US$230 million from US$100 million.

Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com

(END) Dow Jones Newswires

October 04, 2022 18:07 ET (22:07 GMT)

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