GE Vernova, Squadron Energy seal $2.75bn wind power deal in Australia

In a major stride for renewable energy in Australia, GE Vernova’s Onshore Wind business (NYSE: GE) today reaffirmed its $2.75 billion strategic framework agreement with Squadron Energy for developing 1.4 gigawatts (GW) of onshore wind projects in New South Wales (NSW), Australia. The deal, initially announced earlier this month by Squadron Energy, coincides with the commencement of construction at the Uungala Wind Farm.

The agreement, which came into the public eye following a sod turning ceremony this month, was initially received in the fourth quarter of 2023. Under this green strategic alliance, GE Vernova is set to supply wind turbines for Squadron Energy’s 414 MW Uungula Wind Farm, alongside its consortium partners CCP. This partnership also extends to Squadron Energy’s upcoming NSW projects – the Spicers Creek and Jeremiah wind farms.

GE Vernova, a key player in renewable energy, and Squadron Energy, a wholly-owned portfolio company of Tattarang, aim to strengthen their existing relationship. This alliance is pivotal in completing grid applications and planning for efficient project delivery during a period of significant global wind industry expansion. All three projects will employ GE Vernova’s 6.0-164 workhorse turbine, facilitating the standardization of grid and project execution elements across the portfolio.

Vic Abate, CEO of GE Vernova’s Wind business, highlighted the strength of the partnership with Squadron Energy, emphasizing the role of this deal in bringing reliable and affordable wind energy to NSW. Abate also pointed out the importance of securing supply chains for a swift roll-out of renewable energy projects, a critical challenge in the global shift towards renewable energy.

Dr. Andrew Forrest, Chairman of Tattarang, remarked on the partnership’s contribution to accelerating Australia’s green energy transition. Forrest underscored Squadron Energy’s commitment to a 14 GW renewable energy development pipeline, a significant portion of the Australian Government’s 2030 renewable energy target.

Chris Bowen, the Australian Minister for Climate Change and Energy, welcomed the partnership, noting its alignment with Australia’s vast renewable potential and the transformation of the energy grid for the 21st century. He emphasized the role of renewable energy and storage in providing affordable and reliable energy solutions.

The development of these three wind farms is expected to generate approximately 1,000 jobs in construction and maintenance. GE Vernova’s 6 MW turbine, with over 1,200 units in operation worldwide, stands as a testament to the company’s commitment to developing robust and efficient wind energy solutions. In Australia, GE Vernova’s presence is marked by 3 GW of wind turbines, either operational or under construction, underscoring its role in the country’s renewable energy landscape.

This agreement signals a significant step in Australia’s renewable energy journey, demonstrating the potential of strategic alliances in achieving substantial green energy targets.

The GE Vernova and Squadron Energy agreement is a landmark in Australia’s renewable energy sector. This alliance not only contributes significantly to the country’s energy transition goals but also sets a precedent for large-scale investment in green energy. The focus on securing supply chains and standardizing project elements across multiple wind farms showcases a strategic approach to tackling the challenges in the renewable energy sector. This deal is a robust example of how corporate partnerships can drive significant advancements in sustainable energy initiatives.