Mining billionaire Andrew Forrest to buy Australia’s CWP Renewables

Australian mining billionaire Andrew Forrest’s Squadron Energy has agreed to buy Australian clean energy developer CWP Renewables from Swiss investment firm Partners Group.

The deal is set to take Squadron’s renewable energy operating portfolio to 2.4GW, and its Australian development pipeline to 20GW.

CWP owns more than 1.1GW of operational onshore wind capacity, and is developing a 5GW of near-medium term projects as well as an additional 15GW at an early stage of development. It also owns a majority stake in developer Windlab.

Completion of the deal is subject to customary regulatory approvals.

Squadron-owner Forrest’s Fortescue Metals Group is developing several large-scale green hydrogen projects in Australia, including one powered by a 10GW-plus wind and solar hub.