SQUADRON TO LEAD AUSTRALIA’S ENERGY TRANSITION

SQUADRON ENERGY ACQUIRES CWP RENEWABLES TO BECOME AUSTRALIA’S LARGEST RENEWABLE ENERGY INVESTOR, OPERATOR AND DEVELOPER

PERTHAustralia, December 8, 2022 /PRNewswire/ — Squadron Energy Company (Squadron) today announced it has acquired CWP Renewables (CWP), in a deal that grows Squadron’s renewable energy operating portfolio to 2.4 gigawatts (GW) with an Australian development pipeline of 20GW.

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, the Squadron 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 for reliable green power from large commercial and industrial customers.

The president of Tattarang, 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 our economy’s needs.

“Squadron is proud to bring a very significant share of Australia’s renewable energy resources to local ownership. This means that Squadron has the strategic amount of renewable energy to help Australia leapfrog on fossil fuels,” said Dr Forrest.

“Australian industries’ ability to make fossil fuel history is amply demonstrated by the strong track record and commitment of Fortescue Metals, Fortescue Future Industries and other leading global companies committed to decarbonisation. We share the vision of an Australia and a world that 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, non-polluting and inexhaustible energy.

“It is essential that Australia continues to develop cost-effective, renewable green energy in order to supply homes and industry at an adequate pace and free the Australian consumer from their forced dependence on increasingly expensive and dangerously polluting fossil fuels.

“We are realizing significant value by combining CWP’s portfolio of wind, solar and battery farms with Squadron’s existing assets in renewable energy and complementary energy. 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. »

Eve HanleyCEO 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 customers.

“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 day storage assets that will ensure supply reliability for our customers,” said Mrs Hanly.

“The sooner we can introduce large-scale renewable energy to the grid, the sooner prices for consumers will fall. We focus on using our scale and intelligence to ensure we lead, by a significant margin, in providing the lowest cost of complementary renewable energy generation on the market.

“We are currently building the renewable energy hub of Clark Creek in central Queensland, worth $3 billion. This is the largest grid-connected project in the country and we will start construction of more 2GW 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 footprint. We look forward to working with CWP on other groundbreaking projects. »

CWP is a vertically integrated renewable energy company comprising wind, solar and battery farms and supplies renewable energy to Transurban, Woolworths Group, London Airport SydneyCommonwealth Bank and Snowy Hydro.

It currently manages over 1.1 GW of wind resources, including the Sapphire Wind Farm, the largest in the state of New South Wales, which has 75 turbines producing up to 270 megawatts (MW), Walls Parents I and II, with a combined capacity of 435 MW, and Crudine Ridge, which has 37 wind turbines and produces 142 MW.

It has obtained the necessary building permits for four more wind farms in New South Wales, totaling more than 750 MW, plus a 414 MW wind farm ready for construction, a 180 MW solar farm, two battery farms and an additional power park plant capable of using hydrogen, biofuels and hydrogen blends.

The acquisition will unlock an unrivaled development pipeline in New South Wales and the State of Victoryin order to ensure the reliability of the supply on the East Coast and to transform the market, which is no longer driven by producers but by customers.

Squadron was advised by Highbury Partnership as financial adviser and Clayton Utz as a legal advisor.

About Squadron Energy:

Squadron Energy is a wholly owned Australian company whose sole purpose is to accelerate Australia’s decarbonisation and help the country become a green energy superpower. Prior to the CWP acquisition, Squadron Energy was the second largest operator in the renewable energy sector, with a significant portfolio of assets in operation and under construction. Squadron Energy builds wind, solar and battery farm Clark Creek, which will power more than 600,000 Queensland homes; the Port Kembla Energy Terminal, Australia’s first LNG import terminal, which will supply gas to the east coast in the near term, with plans to transition to green hydrogen; and proposes the Port Kembla Power Station, which will be Australia’s largest dual-fuel turbine with 50% gas and 50% green hydrogen, before moving to 100% green hydrogen. Squadron Energy is also a founding investor in Solar cable and majority shareholder of renewable energy company Windlab.

Download the CWP Wallet B-roll here:

https://downloads.tattarang.com/20221207-squadron-energy/CWP-B-roll.zip

A factsheet and resource map of Squadron, CWP and Windlab can be found here:

https://downloads.tattarang.com/20221207-squadron-energy/Squadron-Energy-Fact-Sheet.pdf

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