Squadron Energy secures AU$2.7 billion refinancing for 1.5GW wind portfolio with flexibility for battery storage and hybrid projects

Type: Financing · Technology: Onshore Wind · Country: Australia · Value: $1.76B · Announced: 2026-08-14

Squadron Energy finalized a AU$2.7 billion (USD 1.76 billion) refinancing deal to restructure debt across its 1.5GW operational and under-construction wind portfolio in Australia, including assets like Uungula, Murra Warra, Sapphire, and Crudine Ridge wind farms. The financing arrangement, advised by Macquarie Bank as financial advisor, introduces flexibility to expand into battery storage and hybrid renewable projects, aligning with Squadron Energy's strategic shift beyond solar-based hybrids. Law firm Allens co-led the transaction as legal counsel to lenders, while HSF Kramer provided project finance advisory to Squadron Energy, structuring a non-recourse platform to facilitate future renewable energy and storage developments. The refinancing follows Squadron Energy's 2024 application for an 8-hour duration 1,200MWh battery storage system co-located with a 300MW wind project at the Conargo Wind Farm in New South Wales' South West Renewable Energy Zone. CEO Rob Wheals emphasized the need for diversified renewable infrastructure, noting that a grid reliant solely on solar-based hybrids would require five times more capacity compared to a mixed technology approach. This transaction underscores Australia's accelerating battery storage expansion, with NEM-wide battery discharge reaching a record 4,325MW on August 11, 2026, reflecting growing grid flexibility demands.

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