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The acquisition will boost Squadron’s operating portfolio to 2.4 GW with an Australian development pipeline of 20 GW.
Squadron said it will integrate CWP Renewables into its existing business, which includes majority ownership of Windlab, an asset management company specializing in managing clean energy assets.
Windlab will help Squadron increase its scale of renewable deployment on the east coast of Australia to meet the rising demand for reliable green energy from commercial and industrial customers.
Last month, Windlab and Fortescue Future Industries said they would partner on a 10 GW of wind and solar power farm to feed the industrial-scale production of green hydrogen from purpose-built facilities within Queensland.
CWP currently operates over 1.1 GW of wind assets comprising Sapphire Wind Farm, the largest in New South Wales (NSW).
NSW has 75 turbines, generating up to 270 MW of energy. It includes Murra Warra I & II wind projects which generate 435 MW, and the Crudine Ridge with 142 MW generation from 37 wind turbines.
CWP has approvals to construct four more wind farms in NSW totaling over 750 MW, along with a construction-ready 414 MW wind farm, 180 MW solar farm, two battery farms, and a firming power station capable of using hydrogen, biofuels, and hydrogen gas blends.
Squadron said once operational, its portfolio will power 8.5 million households with electricity which is over double the homes in NSW.
Chairman of Tattarang Andrew Forrest AO said, “Australian industries’ ability to consign fossil fuel to history, is robustly demonstrated by the strong track record and commitment of Fortescue Metals, Fortescue Future Industries, and other world-leading companies committed to decarbonizing. We share a vision of Australia and the world, looking back on the dark era of fossil fuel as an aberration in humanity’s history. One that could have ended with that fuel but is now powered by cheap, pollution-free, democratic, inexhaustible energy.”
Squadron Energy CEO Eva Hanly said, “With this acquisition, we will develop and operate an extensive geographic portfolio of night and daytime wind, solar, and storage assets that will ensure the 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.”
Earlier this year, Squadron Energy co-led a Series B funding round in which Australia-based clean energy company Sun Cable raised AU$210 million (~$153 million).