Billionaire Andrew Forrest has expanded his attain additional into inexperienced vitality with the acquisition of CWP Renewables.
The acquisition by Squadron Energy, a part of Mr Forrest’s privately funded Tattarang group, is price about $4 billion.
It will take Squadron’s renewable vitality working portfolio that spans wind, photo voltaic and battery farms to 2.4 gigawatts.
Once totally operational, it can present sufficient electrical energy to energy 8.5 million houses, Dr Forrest stated in an announcement on Wednesday.
“Squadron is proud to bring a very significant portion of Australia’s renewable energy assets home to local ownership,” he stated.
“It means that Squadron has the renewable energy critical mass to help Australia step beyond fossil fuels.
“We are dedicated to making sure that Australians profit from the rising employment alternatives, and big funding within the renewable vitality sector.”
CWP provides renewable energy to customers including Transurban, Woolworths Group, Sydney Airport, Commonwealth Bank and Snowy Hydro.
Its assets include the Sapphire wind farm in NSW and Murra Warra farm in Victoria and it has approvals to construct four more wind farms in NSW.
The business was sold by Swiss-based Partners Group.
Squadron chief executive Eva Hanly said the purchase would allow the company to develop and operate a portfolio of wind, solar and storage assets that would ensure reliability of supply for customers.
“The sooner we will get renewable vitality at scale into the grid, the extra shortly costs will come down for shoppers,” she said.
Dr Forrest’s Fortescue Metals Group has outlined ambitious multibillion dollar plans to achieve zero emissions by 2030.
He introduced final month the iron ore business and climate-focused Fortescue Future Industries would hyperlink govt bonuses to assembly emissions discount targets.
