Sydney, Australia: January 29, 2024 – GE Vernova’s Onshore Wind business (NYSE: GE) has announced a partnership with Squadron Energy to develop 1.4 gigawatts (GW) of onshore wind projects in New South Wales, Australia. The agreement solidifies a strategic framework between the two companies, with Squadron Energy investing in a $2.75 billion green strategic alliance for wind turbine supply. This partnership marks a significant step toward Australia’s renewable energy targets and demonstrates the commitment of both companies to a sustainable energy future.
Under the terms of the agreement, GE Vernova will supply its 6 MW wind turbines and expertise in engineering, procurement, and construction through its consortium partners CCP. The initial project of the partnership is the Uungala Wind Farm, which will consist of 69 GE Vernova turbines with a capacity of 414 MW. Construction for the Uungala Wind Farm is scheduled to commence in the first quarter of 2024.
In addition to the Uungala Wind Farm, Squadron Energy’s next two projects, the Spicers Creek and Jeremiah wind farms, will also benefit from GE Vernova’s wind turbine supply. The partnership aims to standardize grid and project execution elements across the portfolio, maximizing efficiency and project value.
Vic Abate, CEO of GE Vernova’s Wind business, expressed his enthusiasm for the collaboration, stating, This deal is the culmination of a strong partnership between the GE and Squadron teams built over several years across multiple projects. We are delighted to continue working together across a portfolio of projects in New South Wales, to bring reliable and affordable wind energy to the region.
The Chairman of Tattarang, Dr. Andrew Forrest, emphasized the importance of partnerships like this in accelerating Australia’s transition to green energy. Squadron Energy is committed to delivering a 14 GW renewable energy development pipeline, one third of the Australian Government’s 82 percent 2030 renewable energy target, he said. Dr. Forrest also highlighted the economic benefits of the transition, stating, It’s urgent for our planet, but with the correct policies and partnerships, it’s also great for our economy and local workforce.
Australian Minister for Climate Change and Energy, Chris Bowen, commended the partnership between GE and Squadron Energy, emphasizing the significance of renewable energy investments in Australia’s energy transformation. These projects are further proof that renewable energy investors are getting on with the job, capitalizing on Australia’s huge renewable potential, and helping transform our energy grid for the 21st Century, he said.
The three wind farms are projected to create approximately 1,000 jobs in construction and maintenance roles, further contributing to the economic growth of the region. GE Vernova’s 6 MW workhorse turbine, with its proven track record and over 15 million operating hours, is well-suited for the challenging Australian environment and grid conditions. With three GW of wind turbines already in operation or under construction in Australia, GE Vernova aims to play a significant role in the country’s renewable energy sector.
As the collaboration between GE Vernova and Squadron Energy advances, it brings Australia closer to achieving its renewable energy targets and paves the way for a greener and more sustainable future. The partnership demonstrates the joint commitment of both companies to the transition toward renewable energy and the economic benefits it can bring. With the wind projects set to commence construction in the coming months, Australia is poised to accelerate its renewable energy journey.
###
