Squadron Energy has secured AU$1 billion in financing for stage two of its Clarke Creek Wind Farm, one of the largest wind projects in Australia.
The financing deal was arranged with a bank group of 10 capital partners, alongside support from Squadron’s existing banking partners.
Squadron’s head of capital markets and Investments David Sidoti hailed the deal as a sign of confidence in the Clarke Creek project.
“This financing demonstrates the depth of support for renewable energy in Australia and the strength of our relationships with leading financial institutions,” Sidoti said.
“Clarke Creek is a cornerstone project that will deliver significant clean energy capacity and help drive Australia toward its renewable energy goals.
“This transaction was a true team effort. It reflects the collaboration and expertise across our business to deliver one of the most significant wind financings in the market.”
The Clarke Wind Farm is a two-stage project being developed Squadron and located between of Rockhampton and Mackay in Queensland.
Stage one recently opened, with the 100-turbine, 450MW project producing enough electricity to power the equivalent of 330,000 Queensland homes.
Stage two will consist of 88 turbines with an expected capacity of 704MW, and will produce enough electricity to power around 390,000 homes and avoid 542,000 tonnes of carbon emissions each year.
Together, stages one and two of the Clarke Wind Farm will generate more than 1 GW of green energy, powering more than 700,000 homes.
Squadron has committed to invest around AU$20 million in community benefits over the life of the projects.
More recently, the project has been connected to an industry-wide discovery of white asbestos in the components of some wind turbines manufactured by Goldwind.
Squadron said in a December 2 statement that Goldwind is remediating asbestos detected in a number of brake pads in the internal service lifts in turbines at Clarke Creek Wind Farm.
The company assured its community that there has been no detection of airborne asbestos and that work is underway to resolve the issue.