Squadron Energy lands AU$2.7B refinancing to fund wind and storage push
What's the deal? Squadron EnergyDealroom has a profile for this one. Try Dealroom → has secured debt commitments of more than AU$2.7 billion (US$1.76 billion) to refinance its Australian renewable energy portfolio. The deal restructures financing across roughly 2GW of wind projects in operation or under construction, with Macquarie BankDealroom has a profile for this one. Try Dealroom → acting as financial advisor.
Who's behind it? Squadron Energy is one of Australia's largest renewable energy developers, with a portfolio that includes the Uungula, Murra Warra, Sapphire, and Crudine Ridge wind farms. The refinanced portfolio spans about 1.5GW of operational and under-construction wind capacity.
What's the money for? The refinancing builds in flexibility for the company to expand into battery storage and hybrid assets. HSF KramerDealroom has a profile for this one. Try Dealroom → project finance partner Gerard Pike said the deal was structured to create a more flexible non-recourse platform ahead of Squadron Energy's upcoming projects. It is "another evolution in the market to facilitate bringing these new projects into construction as efficiently as possible," he said.
What's the endgame? Squadron Energy is already moving beyond wind alone. In 2024, it applied for a 1,200MWh battery system co-located with a 300MW wind project at the proposed Conargo Wind Farm in New South Wales. It is also behind a separate 1,800MWh wind-plus-storage development west of Gulgong, which the NSW Independent Planning Commission has recommended for approval.
Why now? Chief executive Rob Wheals argues Australia's renewable buildout must diversify beyond solar-based hybrids. At the Australian Clean Energy Summit last month, he said a grid built purely on solar-based hybrids would need five times as much infrastructure as a diversified mix, and that wind and long-duration storage need the same investment signals now flowing to solar.
By the numbers: The raise ranks among the largest of its kind in the country, sitting in roughly the 97th percentile of all-time debt rounds in Australia across a sample of 283 deals.
The signal: The refinancing reflects a broader shift as developers with maturing portfolios streamline their debt platforms. "As portfolios mature, sponsors are increasingly seeking opportunities to further streamline and build flexibility into their debt platforms to allow for future growth and diversification," said AllensDealroom has a profile for this one. Try Dealroom → co-lead partner Tim Stewart. It lands as Australia's battery fleet expands fast, with NEM-wide discharge hitting a record 4,325MW on August 11.
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Image credit: steve caddy
