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

Andrew 'Twiggy' Forrest
Andrew 'Twiggy' ForrestPhoto: Getty/The Washington Post

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.

Hydrogen: hype, hope and the hard truths around its role in the energy transition

Will hydrogen be the skeleton key to unlock a carbon-neutral world? Subscribe to the weekly Hydrogen Insight newsletter and get the evidence-based market insight you need for this rapidly evolving global market
Sign up now

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.

Owning a major, experienced renewables player would undoubtedly help him achieve his lofty ambition of producing 15 million tonnes of green hydrogen annually by 2030 — a figure that would require 450GW of wind and solar, according to one FFI executive.

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.

(Copyright)
Published 7 December 2022, 11:36Updated 7 December 2022, 11:36