Squadron Power takes maintain of Australia’s CWP Renewables

December 7 (Renewables Now) – Squadron Power, backed by Australian iron ore billionaire Andrew Forrest, has acquired home platform CWP Renewables, taking maintain of a 1.1-GW operational wind portfolio and a hefty pipeline of wind, photo voltaic and battery tasks.

The acquisition will increase the customer’s renewable power fleet to 2.4 GW and can develop its Australian improvement pipeline to twenty GW, it mentioned on Wednesday. Swiss personal markets investor Companions Group is the seller.

Monetary particulars concerning the deal have been saved beneath wraps. In response to insiders quoted by Reuters, its worth exceeds AUD 4 billion (USD 2.67bn/EUR 2.56bn).

Amongst CWP Renewables’ belongings are the 270-MW Sapphire, the 134-MW Crudine Ridge and 142-MW Crudine Ridge wind farms in New South Wales. The corporate has in place approvals for 750 MW of recent wind parks within the Aussie state, whereas one other wind mission of 414 MW wind mission is within the ready-to-build stage. Moreover, it’s engaged on a 180-MW photo voltaic mission and two battery storage schemes, one among which co-located with the Sapphire wind park.

The acquired enterprise will grow to be a part of Squadron Power, a transfer that the latter says will make it Australia’s largest renewable power investor, operator and developer.

Squadron Power is managed by Andrew Forrest’s privately-owned agency Tattarang. Allegedly, its competitors within the bid for CWP Renewables have been Spanish utility Iberdrola SA (BME:IBE) and Australia’s Tilt Renewables.

(AUD 1.0 = USD 0.669/EUR 0.639)

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