Billionaire green hydrogen pioneer Forrest now 'Australia's largest renewables player' after $2.7bn CWP swoop
Iron-ore magnate turned renewable H2 evangelist adds developer to growing clean energy stable
Iron-ore billionaire Andrew Forrest claimed the mantle of Australia’s biggest renewable energy player as he swooped for developer CWP Renewables, adding to his businesses’ fast-growing stable of interests in green power and hydrogen.
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Forrest’s Squadron Energy today announced the acquisition of CWP Renewables in deal reportedly worth A$4bn ($2.7bn) that takes Squadron's total operating portfolio to 2.4GW with a 20GW Australian pipeline.
Forrest — known in Australia as “Twiggy” — has emerged as one of the world’s highest-profile green hydrogen advocates, with his Fortescue Future Industries (FFI) involved in massive project development and equipment production plans across the planet.
CWP Global, which is separately developing some of the world’s largest hydrogen projects, owned a small minority stake in the CWP Renewables business, but is otherwise unaffected by the deal.
Squadron bought CWP Renewables from Switzerland-based Partners Group, which since 2016 built the company as a renewables “platform” that develops wind, solar and battery projects and supplies green energy to Australian corporates such as Woolworths Group, Sydney Airport, Commonwealth Bank and Snowy Hydro.
Squadron said CWP Renewables’ portfolio – which includes 1.1GW in operation – would dovetail well with its existing assets, allowing to widen and deepen its market penetration and claiming it would “deliver the lowest produced cost of firm renewable energy”.
Squadron is already advancing the $3bn Clarke Creek wind, solar and battery project that it claims is the largest grid-connected renewables project under way in Australia.
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