Squadron Energy acquires CWP Renewables

Squadron Energy (Squadron) has announced it has acquired CWP Renewables (CWP), in an agreement that takes Squadron’s renewable energy operating portfolio to 2.4 GW with an Australian development pipeline to 20 GW.

Squadron, part of the Tattarang group of companies, said that once fully operational, Squadron’s portfolio will provide enough electricity to power 8.5 million homes, more than double the number of homes in New South Wales.

CWP will be integrated into Squadron’s existing business, which includes majority ownership of Windlab, and provide Squadron with the scale it requires on the east coast of Australia to meet the huge demand from large commercial and industrial customers for reliable green energy.

Andrew Forrest, Chairman of Tattarang, said Squadron is now positioned to ensure Australia can accelerate the development of renewable energy, creating thousands of direct and indirect jobs, at the scale and pace that our economy requires.

“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,” Forrest 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 decarbonising.

“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.

“It is paramount that Australia continues to increase cost-efficient renewable green energy, to economically power homes and industry at pace and rid the Australian consumer of its forced reliance on increasingly expensive, dangerously polluting fossil fuels.

“We are realising significant value by combining CWP’s wind, solar and battery farm portfolio with Squadron’s existing renewable power and firming assets,” he added. “Their combined leadership and management teams strongly complement each other.

“We are committed to ensuring that Australians benefit from the rising employment opportunities and massive investment in the renewable energy sector. The new jobs, manufacturing and training opportunities, particularly in regional areas, are so important to making sure generations of Australians benefit across the nation.”

Squadron Energy CEO Eva Hanly said the company has the experience, people, agility and scale to meet the huge demand for green energy from large commercial and industrial customers.

“When large industrial and commercial customers come to us, they are looking for efficient and firmed renewable power at scale. With this 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,” she said. “The sooner we can get renewable energy at scale into the grid, the more quickly prices will come down for consumers. We are very focused on using our scale and smarts to ensure we are the leader, by a significant margin, in delivering the lowest produced cost of firm renewable energy to market.

CWP is a vertically integrated renewables energy business that spans wind, solar and battery farms, and provides renewable energy to Transurban, Woolworths Group, Sydney Airport, Commonwealth Bank and Snowy Hydro.

It currently operates over 1.1 GW of wind assets including Sapphire Wind Farm, the largest in NSW, which has 75 turbines generating up to 270 MW; Murra Warra I & II with a combined 435 MW; and Crudine Ridge, which has 37 wind turbines and generates 142 MW.