Forrest's Squadron Energy inks $2.75b turbine deal, plans 14GW of new green energy
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The news: Andrew Forrest’s Squadron Energy has signed a $2.75 billion deal with GE Vernova to supply turbines to its Uungula, Spicers Creek, Jeremiah wind farms, as it looks to deliver 14 gigawatts of green energy to Australia's grid.
The news: Work officially kicked off today at Squadron's $820 million Uungula project, the largest wind farm being built in NSW, which is set to deliver 414 megawatts of energy through 69 GE turbines. Squadron's next two wind farm projects, Spicer's Creek and Jeremiah, are expected to add 700MW and 400MW to the grid, totalling 1.51GW across the three projects.
Squadron said its goal of delivering 14GW of new green energy would be enough to power roughly 6 million homes and be followed by a further 6GW pipeline of green energy projects.
The Uungula project is expected to deliver around 260 jobs to regional NSW and boost the local economy by $41 million, while preventing more than 560,000 tonnes of carbon emissions annually once operational.
The context: Federal Minister for Climate Change and Energy Chris Bowen welcomed the project's commencement and Squadron's targets, while Forrest said he supported the federal government's capacity investment scheme as a mechanism to drive renewables development. The capacity investment scheme is targeting 32GW of renewable or clean dispatchable capacity nationally, through $67 billion in government investment. Squadron's release did not detail how much the scheme was contributing to Uungula or its development pipeline.
The sources: Squadron Media Release, Capacity Investment Scheme
