- 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