Squadron Energy grabs Australia's CWP Renewables

• Squadron Energy, backed by Australian iron ore billionaire Andrew Forrest, has obtained residential platform CWP Renewables, taking hold of a 1.1-GW operational wind portfolio and also a hefty pipeline of wind, solar and also battery projects.

The purchase will certainly expand the customer's renewable resource fleet to 2.4 GW and will certainly grow its Australian development pipeline to 20 GW, it claimed on Wednesday. Swiss personal markets investor Partners Group is the vendor.

Financial details about the offer were kept under wraps. According to insiders estimated by Reuters, its value exceeds AUD 4 billion (USD 2.67 bn/EUR 2.56 bn).

Among CWP Renewables' assets are the 270-MW Sapphire, the 134-MW Crudine Ridge and 142-MW Crudine Ridge wind farms in New South Wales. The firm has in location approvals for 750 MW of new wind parks in the Aussie state, while an additional wind project of 414 MW wind project remains in the ready-to-build stage. In addition, it is dealing with a 180-MW solar project and 2 battery storage space schemes, one of which co-located with the Sapphire wind park.

The gotten business will certainly become part of Squadron Energy, a relocation that the latter claims will certainly make it Australia's biggest renewable energy capitalist, operator and also developer.

Squadron Energy is regulated by Andrew Forrest's privately-owned company Tattarang. Allegedly, its competitors in the bid for CWP Renewables were Spanish utility Iberdrola SA (BME: IBE) as well as Australia's Tilt Renewables.