Sanjeev Gupta: Coal power is no longer cheaper – and we'll prove it

The British billionaire investing in South Australia believes renewables are the future of energy, because it makes economic sense

The British billionaire who rescued the Whyalla steelworks from administration and is spending more than $2bn on clean energy and green steel developments in regional South Australia says most Australians are yet to grasp that solar power is now a cheaper option than new coal-fired electricity.

Sanjeev Gupta, an industrialist whose family-owned GFG Alliance group of companies has been credited with resurrecting Britain's steel industry, says he considered investing in coal generation in the state's Upper Spencer Gulf after buying Arrium's steel mill last year but found solar backed by "firming" storage technologies made better economic sense.