Forrest pledges expansion
Squadron promises to deliver more than third of nation’s new power
Squadron Energy, Australia’s largest renewable energy developer – owned by billionaire Andrew Forrest – has promised to deliver more than a third of the solar and wind generation capacity that the country must build by 2030 in a major boost to the country’s ailing energy transition.
Squadron Energy had pledged to build 20GW of new solar and wind generation, but Mr Forrest on Thursday said the overwhelming majority of the new build would occur by 2030 with 14GW of new capacity added.
The target, should it be met, would mark a substantial increase to Australia’s renewable energy capacity and mark a pivotal moment in Australia’s energy transition. The Australian Energy Market Operator estimates the country needs 57GW of grid-scale solar and wind generation capacity to be installed by 2030 – a rise from the current capacity of 19GW.
Australia – one of the world’s largest per capita emitters – is on course to miss its renewable energy targets to wean off coal – which has stoked concerns the country will have to either prolong the use of coal or risk blackouts.
Mr Forrest said the accelerated targets underscored the need to progress the transition.
“The time for talk is over. We are investing in Australia’s green energy transition and creating jobs and economic development for regional Australia,” Mr Forrest said. “No longer will we have to rely on expensive, volatile, planet destroying fuels. We will have secure and inexpensive energy from a huge new industry for Australia.”
Squadron Energy has less than 2GW of wind and solar capacity operating or under construction, and to meet its target it will require a seven fold increase in just six years.
Mr Forrest acknowledged to The Australian that the timetable is aggressive and ambitious, but said the country must “swing big”.
“If we really commit to something, we will get it done. Yes, it is tight, it is tough but that is why we are having a crack at it,” Mr Forrest told The Australian.
Should Squadron fulfil its lofty goal, it would cement itself as Australia’s largest renewable energy developer, well ahead of traditional energy giants such as AGL Energy and Origin Energy. To meet its ambitious and aggressive timetable, Squadron said it has entered into a $2.75bn deal with turbine manufacturer GE Vernova, which Squadron Energy chief executive Jason Willoughby said would drastically reduce supply chain risk.
The Australian understands that GE Vernova will supply the turbines for three wind farms, including the Uungula Wind Farm near Wellington in central west NSW which Squadron begun constructing on Thursday.
An announcement over two new wind farms, which are likely to include solar and batteries, is expected imminently.
The target is a boost to the federal Labor government, which has pledged to meet its target of having renewable energy generate 82 per cent of the country’s power by 2030, which it said would allow the country to meet legislated targets to reduce carbon emissions by 43 per cent.