Squadron Energy clinches deal with Partners Group to buy CWP Renewables
Squadron Energy, part of the Tattarang group of companies, has clinched a deal with Partners Group to acquire energy developer CWP Renewables for more than A$4bn ($2.7bn) to take its renewable energy operating portfolio to 2.4GW.
The combined entity is set to become Australia’s largest renewable energy investor, operator, and developer.
The acquisition is expected to help Squadron Energy scale its operations across wind, solar and battery farms on the east coast of the country to meet the surging demand for electricity from commercial and industrial customers.
Owned by mining billionaire Andrew Forrest, Squadron Energy, which will have an Australian development pipeline to 20GW through the acquisition, will be able to provide reliable green energy to power 8.5 million homes after the assets become fully operational.
Andrew Forrest said: “Squadron is proud to bring a very significant portion of Australia’s renewable energy assets home to local ownership. It means that Squadron has the renewable energy critical mass to help Australia step beyond fossil fuels.”
Squadron Energy clinches deal with Partners Group to acquire CWP Renewables. Photo courtesy of Squadron Energy Pty Ltd.
The Australian energy company anticipates integrating CWP Renewables with its existing business, which includes its 75% stake in Windlab.
Eva Hanly — Squadron Energy CEO said: “With this [CWP Renewables] acquisition, we will develop and operate an extensive geographic portfolio of night and daytime wind, solar and storage assets that will ensure reliability of supply for our customers.”.
“We are currently building the $3 billion Clarke Creek renewable energy hub in central Queensland, which is the largest grid connected project in the country, and will be commencing construction of another 2GW worth of projects within the next 18 months.”
CWP Renewables with more than 1.1GW of operational wind assets, currently operates Sapphire wind farm with approximately 270MW capacity, Murra Warra I & II with a combined capacity of 435MW, and the 142MW Crudine Ridge wind farm.
The platform provides renewable power to Transurban, Sydney Airport, Woolworths Group, Snowy Hydro, and Commonwealth Bank through its wind, solar and battery farms.
CWP Renewables has secured approvals for constructing four more wind farms in New South Wales, which represent an overall capacity of more than 750MW, along with a construction-ready 414MW wind farm, a 180MW solar farm, a couple of battery farms and a firming power station capable of operating on hydrogen, biofuels, and hydrogen gas blends.
Squadron Energy is delivering the Clarke Creek wind, solar, and battery project in Central Queensland.