Major Queensland Wind Farm to Receive $1 Billion in Additional Funding

The company behind the Clarke Creek Wind Farm has secured a massive financial boost with expansion on the horizon.

Photo of land clearing and preparation for the Clarke Creek wind farm in central Queensland, Australia. Courtesy of Steven Nowakowski

Squadron Energy, the company behind regional Queensland’s massive Clarke Creek Wind Farm, says it has secured an additional $1 billion (US $650 million) in funding from 10 capital partners.

The energy company, owned by mining tycoon Andrew Forrest and his family’s Tattarang company, said the latest deal had the backing of existing partners, but did not elaborate on who they were.

Squadron has previously received funding or support from institutions like the Agricultural Bank of China, Bank of China, the Industrial and Commercial Bank of China, and China Everbright Bank.

David Sidoti, Squadron Energy’s head of capital markets, said the funding was a sign of confidence in the sector.

“This financing demonstrates the depth of support for renewable energy in Australia and the strength of our relationships with leading financial institutions,” he said in a statement.

“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 billion-dollar wind farm, located about 150 kilometres north-west of the central Queensland city of Rockhampton, opened its first stage in October and includes 100 turbines standing at 207 metres high with plans to double that volume.

Stage one and two of the Clarke Creek Wind Farm will make it one of the largest wind projects in the country, expected to generate more than 1 GW of energy and to power 700,000 homes, according to Squadron Energy.

The facility has faced scrutiny, however, with recent concerns about asbestos fragments due to Chinese-supplied components for internal service lifts.

The parts were linked to Chinese renewables supplier Goldwind, which obtained the asbestos-contaminated brake pads from China’s 3S Industry.

The wind farm has also drawn concern for its Biodiversity Management Plan and how it manages injured wildlife (pdf), including instructions with how to euthanise injured wildlife either through “blunt force trauma.”