Arrium's new owner, GFG Alliance, has acquired ZEN Energy as part of its strategic entry into Australia.

Operating through its its energy division SIMEC Energy, British Indian billionaire Sanjeev Gupta's company GFG Alliance has taken a majority stake in solar company ZEN to power its newly purchased Arrium steel and mining business, and support the growing domestic need for energy.

"The high cost of energy for Australian consumers is debilitating for the economy and a crying shame for a country so rich in resources," Mr Gupta said.

"Long-term sustainable energy solutions need to be founded on both economic and environmental principles in order to work properly. With our partners, we can deliver a step change in the power industry.