Australian iron ore magnate Andrew Forrest, who’s been betting big on a global green revolution, he was investing A$3 billion ($2.2 billion) in renewable energy in central Queensland. Forrest, Australia’s richest man, said his company Squadron Energy has acquired the two-stage Clarke Creek project – a wind, solar and battery farm development – with contracts already issued for the immediate start of construction. Investing in Clarke Creek not only to harness the renewable power of the wind and sun to energize homes, factories, and cities, but as a critical step towards breaking our reliance on fossil fuels. Stage one of the Clarke Wind project is anticipated to be fully operational in 2024. Stage two could come online in 2026. When completed, the project could produce enough wind, solar and battery energy to power more than 660,000 homes, or 40% of Queensland households.
Squadron Energy business is about developing new opportunities to support a more rapid decarbonization of the economy. Squadron Energy looks to invest all through the energy supply chain with a focus on enabling more rapid decarbonization. Investment in Windlab is consistent with that commitment. Windlab is an Australian-based, technology-focused windfarm developer, owner, and operator. Windlab uses a combination of WindScape (CSIRO developed) technology and a highly skilled workforce to design and develop some of the most efficient windfarms in Australia. Windlab has a significant portfolio of excellent wind development projects totaling over 7500 MW in Australia and Africa which are complemented by revenue streams from operating assets and its growing operations and asset management businesses. Australia has world class wind resources which now provide 8.5 per cent of all electricity generated and 35.4 per cent of all renewable energy. The Clean Energy Finance Corporation (CEFC) reports that eight wind farms were commissioned in 2019, adding 837MW of new generating capacity, which was the highest annual increase in the history of the Australian wind industry.