PR99123

PERTH, Australia, Dec. 7, 2022 /PRNewswire=KYODO JBN/ --

- SQUADRON ENERGY ACQUIRES CWP RENEWABLES TO BECOME AUSTRALIA'S LARGEST

RENEWABLE ENERGY INVESTOR, OPERATOR & DEVELOPER

Squadron Energy (Squadron) today announced it has acquired CWP Renewables

(CWP), in an agreement that takes Squadron's renewable energy operating

portfolio to 2.4 gigawatts (GW) with an Australian development pipeline to 20GW.

Squadron, part of the Tattarang group of companies, is 100 per cent Australian

owned and operated, and dedicated to accelerating Australia's decarbonisation.

Once 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.

CWP will be integrated into Squadron's existing business, which includes

majority ownership of Windlab, and provide Squadron with the scale it requires

on the east coast of Australia to meet the huge demand from large commercial

and industrial customers for reliable green energy.

Chairman of Tattarang Dr Andrew Forrest AO said Squadron is now superbly

positioned to ensure Australia can accelerate the development of renewable

energy, creating thousands of direct and indirect jobs, at the scale and pace

that our economy requires.

"Squadron is proud to bring a very significant portion of Australia's renewable

energy assets home to local ownership. It means that Squadron has the renewable

energy critical mass to help Australia step beyond fossil fuels," said Dr

Forrest.

"Australian industries' ability to consign fossil fuel to history, is robustly

demonstrated by the strong track record and commitment of Fortescue Metals,

Fortescue Future Industries and other world- leading companies committed to

decarbonising. We share a vision of Australia and the world, looking back on

the dark era of fossil fuel as an aberration in humanity's history. One that

could have ended with that fuel, but is now powered by cheap, pollution free,

democratic inexhaustible energy.

"It is paramount that Australia continues to increase cost-efficient renewable

green energy, to economically power homes and industry at pace and rid the

Australian consumer of its forced reliance to increasingly expensive,

dangerously pollutive fossil fuels.

"We are realising significant value by combining CWP's wind, solar and battery

farm portfolio with Squadron's existing renewable power and firming assets.

Their combined leadership and management teams strongly complement each other.

"We are committed to ensuring that Australians benefit from the rising

employment opportunities, and massive investment in the renewable energy

sector. The new jobs, manufacturing and training opportunities, particularly in

regional areas, are so important to making sure generations of Australians

benefit across the nation."

Squadron Energy CEO Eva Hanly said the company has the experience, people,

agility and scale to meet the huge demand for green energy from large

commercial and industrial customers.

"When large industrial and commercial customers come to us, they are looking

for efficient and firmed renewable power at scale. With this acquisition, we

will develop and operate an extensive geographic portfolio of night and daytime

wind, solar and storage assets that will ensure reliability of supply for our

customers," said Ms Hanly.

"The sooner we can get renewable energy at scale into the grid, the more

quickly prices will come down for consumers. We are very focused on using our

scale and smarts to ensure we are the leader, by a significant margin, in

delivering the lowest produced cost of firm renewable energy to market.

"We are currently building the $3 billion Clarke Creek renewable energy hub in

Central Queensland, which is the largest grid connected project in the country,

and will be commencing construction of another 2GW worth of projects within the

next 18 months. We have a team of passionate and dedicated people who are

working towards a common goal of wanting to stop Australia's carbon emissions.

We are looking forward to working with the incredible talent that is in CWP to

do more game-changing projects."

CWP is a vertically integrated renewables energy business that spans wind,

solar and battery farms, and provides renewable energy to Transurban,

Woolworths Group, Sydney Airport, Commonwealth Bank and Snowy Hydro.

It currently operates over 1.1GW of wind assets including Sapphire Wind Farm,

the largest in NSW, which has 75 turbines generating up to 270 megawatts (MW),

Murra Warra I & II with a combined 435MW and Crudine Ridge, which has 37 wind

turbines and generates 142MW.

It has approvals in place to construct four more wind farms in NSW totalling

over 750MW, along with a construction ready 414MW wind farm, 180MW solar farm,

two battery farms and a firming power station capable of using hydrogen,

biofuels and hydrogen gas blends.

The acquisition will unlock an unparalleled development pipeline in NSW and

Victoria to ensure reliability of supply across the east coast and transform

the market from generator-led to customer- led.

Squadron was advised by Highbury Partnership as its financial advisor and

Clayton Utz as its legal advisor.

About Squadron Energy:

Squadron Energy is a 100% owned Australian company with a sole focus of

accelerating the decarbonisation of Australia and supporting Australia to

become a green energy super-power. Prior to the acquisition of CWP, Squadron

Energy was the second largest renewable energy player with a significant

portfolio or assets in operation and construction. Squadron Energy is

constructing the Clarke Creek wind, solar and battery farm, which will power

more than 600,000 Queensland homes; the Port Kembla Energy Terminal which is

Australia's first LNG import terminal that will support the east coast with gas

over the short term with plans to transition to green hydrogen; and is

proposing the Port Kembla Power Station, which will be Australia's largest dual

fuel turbine running on 50% gas and 50% green hydrogen before transitioning to

100% green hydrogen. Squadron Energy is also a foundation investor in Sun Cable

and majority owner of renewable power company Windlab.

Download B-roll of the CWP portfolio here:

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

A fact sheet and map of the assets of Squadron, CWP and Windlab is available

here:

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

Source: Squadron Energy