A major renewable energy platform named CWP was put up for sale, so Andrew Forrest and his crew assembled to lob a $4 billion bid.
👉 Background: Andrew Forrest is the founder and former CEO of Aussie mining behemoth Fortescue Metals. Recently, he has been on a decarbonisation spree, with the aim to transition Australia to clean energy.
👉 What happened: A major renewable energy platform named CWP was put up for sale, so Forrest and his crew assembled to lob a $4 billion bid. This bid not only surprised CWP, but knocked out other bidders like AGL and Origin Energy.
👉 What else: The acquisition of CWP's wind farms makes Squadron Energy the largest clean energy owner in Australia. And Forrest's goal is to get long-term investors like super funds to invest in clean energy alongside him.
💡Invest with those who have the same investment horizons as you. Super funds have long-term investment horizons, and therefore they are well placed to invest in long-term projects that will benefit Australia.
💡While super funds have expressed their desire to invest in renewables, they have struggled to find big projects to invest in. But Squadron Energy will let super funds take equity stakes in its renewables projects.
💡Ultimately, Squadron Energy will now play a big role in how fast Australia reduces emissions and transitions to a greener future.
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