Squadron Energy announces the acquisition of CWP Renewables (CWP), bringing its portfolio in Australia to 2.4 GW.
A growth plan
Squadron Energy is part of the wholly Australian owned and operated Tattarang group of companies. When fully operational, the company’s portfolio will provide enough electricity to power 8.5 million homes. This figure is more than double the number of households in New South Wales.
CWP complements Squadron Energy’s existing business, which includes a majority stake in Windlab. The company will help Squadron Energy meet demand on Australia’s east coast. Tattarang President Dr. Andrew Forrest says:
“Squadron is proud to bring a very significant portion of Australia’s renewable energy resources to local ownership. This means that Squadron has the critical mass of renewable energy needed to help Australia move away from fossil fuels. The ability of Australian industries to make fossil fuel history is strongly demonstrated by the solid experience and commitment of Fortescue Metals, Fortescue Future Industries and other leading global companies committed to decarbonisation. We share a vision of Australia and the world, which sees the dark age of fossil fuels as an aberration in human history. An era that could have ended with this fuel, but which is now fueled by cheap, clean, democratic and inexhaustible energy”.
For Squadron Energy, it is imperative that Australia continues to ramp up renewable energy. Therefore, the company intends to supply individuals and industries. The company’s ambition is to free Australian consumers from their dependence on increasingly expensive fossil fuels.
Additionally, Squadron Energy is committed to increasing employment opportunities and investment in the renewable energy sector. Therefore, the company wishes to develop this axis particularly in regional areas through the development of training. According to Eva Hanly, CEO of Squadron Energy:
“When large industrial and commercial customers come to us, they are looking for efficient and robust renewable energy at scale. With this acquisition, we will develop and operate a broad geographic portfolio of wind, solar and day/night storage assets that will ensure reliable supply to our customers. The sooner we integrate large-scale renewables into the grid, the sooner prices for consumers will fall. We are very focused on using our scale and intelligence to ensure that we lead the market for low-cost enterprise renewable energy generation by a significant margin.
Lots of achievements
Squadron Energy is developing the $3 billion Clarke Creek renewable energy hub in central Queensland. Additionally, the company will begin construction on another 2 GW of projects over the next 18 months.
CWP is a vertically integrated renewable energy company comprising wind, solar and battery farms. The company supplies renewable energy to Transurban, Woolworths Group and Sydney Airport. In addition, it also supplies the Commonwealth Bank and Snowy Hydro.
CWP currently operates more than 1.1 GW of wind farms, including the Sapphire Wind Farm in New South Wales. It has 75 turbines generating up to 270 MW. In addition, the company operates Murra Warra I and II, with a combined capacity of 435 MW, and Crudine Ridge, with 37 wind turbines generating 142 MW.
Four wind farms totaling 750 MW are awaiting approval in New South Wales. A 414 MW wind farm is in the early stages of construction. Finally, the company has a 180 MW photovoltaic park, two battery parks and a power plant capable of using hydrogen and biofuels.
