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PERTH, Australia, Dec. 9, 2022 /PRNewswire/ -- Squadron Energy Company (Squadron) today announced that it has acquired CWP Renewables (CWP), in an agreement that brings the operating portfolio of Squadron renewable energy at 2.4 gigawatts (GW) with a 20 GW Australian development pipeline.
Squadron, part of the Tattarang Group of Companies, is 100% Australian owned and operated and is dedicated to accelerating Australia's decarbonisation. When 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.
The CWP business will be integrated into Squadron's existing businesses, including the majority stake in Windlab. It will provide Squadron with the scale it needs on Australia's east coast to meet the huge demand from large commercial and industrial customers for reliable green power.
Tattarang Chairman Dr Andrew Forrest AO said Squadron is now well positioned for Australia to accelerate the development of renewable energy, creating thousands of direct and indirect jobs, at the scale and pace of needs of our economy.
“Squadron is proud to bring a very significant share of Australia's renewable energy resources to local ownership. This means Squadron has the strategic amount of renewable energy to help Australia leapfrog fossil fuels,” said Dr Forrest.
“The ability of Australian industries to make fossil fuels history is amply demonstrated by the strong track record and commitment of Fortescue Metals, Fortescue Future Industries and other world-leading companies committed to decarbonisation. We share the vision of an Australia and a world that views 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 powered by cheap, non-polluting and inexhaustible energy.
“It is essential that Australia continues to develop renewable and cost-effective green energy, in order to supply homes and industry at a suitable rate and to rid the Australian consumer of their forced dependence on ever-increasing fossil fuels. expensive and dangerously polluting.
“We are realizing significant value by combining CWP's portfolio of wind, solar and battery farms with Squadron's existing resources in renewable energy and complementary power. Their leadership and management teams are highly complementary.
“We are determined to ensure that Australians benefit from increased job opportunities and massive investment in the renewable energy sector. New jobs, manufacturing and training opportunities, particularly in regional areas, are important to ensure that generations of Australians across the country benefit. »
Eva Hanly, CEO of Squadron Energy, said the company has the experience, people, agility and scale to meet the significant demand for green energy from large commercial and industrial.
“When large industrial and commercial customers come to us, they are looking for efficient, large-scale complementary renewable energy. Through this acquisition, we will develop and operate a broad geographic portfolio of wind, solar, and night and daytime storage resources that will ensure supply reliability for our customers,” said Ms. Hanly.
“The sooner we can introduce large-scale renewable energy into the grid, the sooner prices will come down for consumers. We are focused on using our scale and intelligence to ensure we are the leader, with a significant margin, in providing the lowest cost of generation of complementary renewable energy in the market.
“We are currently building the $3 billion Clarke Creek Renewable Energy Hub in Central Queensland. This is the largest grid-connected project in the country, and we will begin construction of other 2 GW projects in the next 18 months. We have a team of passionate and dedicated people working towards the common goal of ending Australia's carbon emissions. We look forward to working with CWP on more game-changing projects. »
CWP is a vertically integrated renewable energy business which includes 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 resources, including the Sapphire Wind Farm, the largest in the state of New South Wales with 75 turbines producing up to 270 megawatts (MW), Murra Warra I and II, with a combined output of 435 MW, and Crudine Ridge, which has 37 wind turbines and produces 142 MW.
It has obtained the necessary permits for the construction of four additional wind farms in New South Wales, totaling more than 750 MW, as well as a 414 MW wind farm ready for construction, a 180 MW solar farm , two battery parks and an additional power plant capable of using hydrogen, biofuels and hydrogen mixtures.
The acquisition will unlock a development pipeline unparalleled in New South Wales and Victoria, to ensure reliable supply on the East Coast and transform the market, which is no longer led by producers but by customers.
Squadron was advised by Highbury Partnership as financial advisor and Clayton Utz as legal advisor.
About Squadron Energy:
Squadron Energy is a wholly owned Australian company whose sole purpose is to accelerate Australia's decarbonisation and support the country to become a green energy superpower. Prior to the CWP acquisition, Squadron Energy was the second-largest player in renewable energy, with a significant portfolio of assets in operation and under construction. Squadron Energy is building the Clarke Creek Wind, Solar and Battery Farm, which will power over 600,000 Queensland homes; the Port Kembla Energy Terminal, Australia's first LNG import terminal, which will supply the East Coast with gas in the short term, with plans to transition to green hydrogen; and proposes the Port Kembla Power Station, which will be Australia's largest dual-fuel turbine running 50% gas and 50% green hydrogen, before transitioning to 100% green hydrogen. Squadron Energy is also a founding investor in Sun Cable and the majority shareholder in renewable energy company Windlab.
Download the CWP Wallet B-roll here:
https://downloads.tattarang.com/20221207-squadron-energy/CWP-B-roll.zip
A fact sheet and map of Squadron, CWP, and Windlab resources can be found here:
https://downloads.tattarang.com/20221207-squadron-energy/Squadron-Energy-Fact-Sheet.pdf
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