Squadron Energy has refinanced its operating wind portfolio with $2.7 billion that will fund more batteries and hybrid projects, according to one advisor.
The company, owned by iron ore mining billionaire Andrew Forrest, has 1.5 gigawatts (GW) of operating wind projects.
The deal also included the under-construction Uungula wind project, but didn’t include the first stage of Clark Creek which started exporting to the grid last year.
Some 15 banks backed the deal, according to media reports.
“The portfolio financing arrangements have flexibility to enable future expansion of Squadron Energy’s portfolio into BESS and hybrid projects,” a statement from Herbert Smith Freehills Kramer says, which was an adviser to the deal.
