Squadron Energy is to become Australia’s largest renewable energy investor, operator and developer following the acquisition of CWP Renewables from Partners Group for A$4bn (€2.6bn).
Squadron, which is part of the Tattarang group of companies, has agreed to buy Australian renewable energy platform CWP from the Swiss multi-asset manager.
CWP’s renewable energy platform spans onshore wind and battery farms. The platform, which was built from the ground up by Partners Group, currently has 1.1GW of operational onshore wind assets, including Murra Warra I & II. CWP’s portfolio also includes a construction-ready 414MW wind farm and a 30MW battery project.
Following the acquisition, Squadron’s renewable energy operating portfolio will increase to 2.4GW with an Australian development pipeline to 20GW.
Chairman of Tattarang, Andrew Forrest, said Squadron is now superbly 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.”
Squadron Energy CEO, Eva Hanly, said: “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.”
Martin Scott, head of Australia at Partners Group, said: “We are proud to have built a major renewable energy platform that is set to play a key role in decarbonising Australia’s energy mix and supporting the country and its businesses in meeting their ambitious net zero ambitions.”
Andrew Kwok, head of private infrastructure Asia at Partners Group, said: “The Platform, including late-stage construction assets, creates enough energy to power 200,000 homes, employs more than 1,000 Australians, and avoids 2.1m tons of emissions through its renewable power generation.”
Nick Kuys, head of private infrastructure asset management Asia at Partners Group, said: “The assets in the CWP platform benefit from talented operations teams and long-term contracts, which provide highly visible cashflows.”
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