Squadron Energy announces the acquisition of CWP Renewables (CWP) bringing its portfolio in Australia to 2.4GW.
A growth plan
Squadron Energy is part of the Tattarang group of companies, which is wholly owned and operated by Australians. Once fully operational, the company’s portfolio will provide enough electricity to power 8.5 million homes. This is more than double the number of households in New South Wales.
CWP integrates the existing Squadron Energy business, which includes the majority interest in Windlab. The company will help Squadron Energy meet demand onAustralia‘s east coast. Tattarang President Dr. Andrew Forrest states:
“Squadron is proud to bring a very significant portion of Australia’s renewable energy assets to local ownership. This means that Squadron has the critical mass of renewable energy to help Australia move beyond fossil fuels. The ability of Australian industries to make fossil fuels history is solidly demonstrated by the strong track record and commitment of Fortescue Metals, Fortescue Future Industries and other leading global companies committed to decarbonization. We share a vision for Australia and the world, rethinking the dark era of fossil fuels as an aberration in human history. An era that could have ended with this fuel, but is now powered by cheap, non-polluting, democratic and inexhaustible energy.”
For Squadron Energy, it is critical that Australia continues to increase renewable energy. Thus, the company aims to supply individuals and industries. The company’s ambition is to rid the Australian consumer of its dependence on increasingly expensive fossil fuels.
In addition, Squadron Energy is committed to increasing employment opportunities and investment in the renewable energy sector. Thus, the company wishes to develop this axis in particular in the regional areas by developing training. Squadron Energy CEO Eva Hanly states:
“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 and night storage assets that will ensure reliable supply for our customers. The sooner we can integrate large-scale renewable energy into the grid, the faster prices will come down for consumers. We are very focused on using our scale and intelligence to ensure that we lead by a significant margin in providing the lowest cost of firm renewable energy production in the market.”
Multiple achievements
Squadron Energy is developing the $3 billion Clarke Creek Renewable Energy Centre in Central Queensland. In addition, the company will begin construction of another 2 GW of projects over the next 18 months.
CWP is a vertically integrated renewable energy company covering 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 over 1.1 GW of wind assets, including Sapphire Wind Farm in New South Wales. It has 75 turbines generating up to 270MW. In addition, the company operates Murra Warra I & II with a combined 435MW and Crudine Ridge hosting 37 wind turbines generating 142MW.
Approvals for four wind farms in New South Wales totaling 750MW are pending. A 414MW wind farm is in the early stages of construction. Finally, the company has a 180MW solar farm, two battery farms and a plant capable of using hydrogen and biofuel.
