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Squadron Energy purchases renewable energy project worth $3bn
Squadron Energy has acquired a renewable energy hub project worth $3 billion, which is set to be one of the largest energy projects of its kind.
Lauren Croft
Firm: K&L Gates (Squadron Energy)
Value: $3 billion
Area: M&A, projects and infrastructure
Key players: The K&L team was led by energy, infrastructure and resources partner Luke Westmore, who was assisted by senior associates Jordan Lyon and Nicole Guglielmi, and lawyers Claudia Brkic and Emily Thompson. Property advice was provided by special counsel Damiano Castelli. Partner Kirstie Richards advised on planning aspects of the project with assistance from senior associate Luke Salem, and corporate advice was provided by partner Clive Cachia.
Deal significance: When constructed, the Clarke Creek renewable energy precinct will be one of the largest renewable energy projects in the southern hemisphere.
The $3 billion wind, solar and battery storage hub will consist of more than 1 gigawatt of wind energy alone, plus solar and battery technologies. Once operational, it will have the capacity to produce enough renewable energy to power more than 660,000 homes, equivalent to 40 per cent of Queensland’s total households.
Commenting on the deal, K&L Gates said that they were “delighted to have worked with Squadron Energy on the acquisition of the Clarke Creek project”.
“Not only will the project play a key role in Queensland’s target of net zero emissions by 2050, it will also have significant local and regional economic benefits, including the creation of 350 construction jobs over the next three years,” the firm said.
Lauren Croft
Lauren is a journalist at Lawyers Weekly and graduated with a Bachelor of Journalism from Macleay College. Prior to joining Lawyers Weekly, she worked as a trade journalist for media and travel industry publications and Travel Weekly. Originally born in England, Lauren enjoys trying new bars and restaurants, attending music festivals and travelling. She is also a keen snowboarder and pre-pandemic, spent a season living in a French ski resort.
