Squadron Energy has secured AU$2.7 billion (US$1.76 billion) in debt commitments through a refinancing of its Australian renewable energy portfolio. The transaction restructures financing across roughly 2GW of wind projects whilst building in flexibility for battery storage and hybrid asset expansion. The refinanced portfolio spans approximately 1.5GW of operational and under-construction wind capacity, including the Uungula, Murra Warra, Sapphire and Crudine Ridge wind farms. Macquarie Bank acted as financial adviser, whilst Herbert Smith Freehills Kramer advised Squadron Energy and Allens advised the lenders. The company has applied for approval for an 8-hour duration battery energy storage system in New South Wales — a 1,200MWh system co-located with a 300MW wind project at the proposed Conargo Wind Farm.

Squadron Energy secures AU$2.7 billion refinancing to support hybrid asset growth in Australia. August 14, 2026 Squadron Energy has completed a refinancing of its Australian renewable energy portfolio, securing total debt commitments of more than AU$2.7 billion (US$1.76 billion). The transaction restructures financing arrangements across roughly 2GW of wind projects in operation or under construction, while building in flexibility for the company to expand into battery storage and hybrid assets. Squadron Energy is one of Australia's largest renewable energy developers and owners, with a portfolio that includes the Uungula, Murra Warra, Sapphire and Crudine Ridge wind farms. The refinanced portfolio spans approximately 1.5GW of operational and under-construction wind capacity, according to law firm Herbert Smith Freehills Kramer (HSF Kramer), which advised Squadron Energy on the deal, with Macquarie Bank acting as the company's financial advisor. Law firm Allens advised the lenders on the refinancing. Allens co-lead partner Tim Stewart said the transaction reflected a broader pattern among developers with maturing asset portfolios. "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," he said. Allens previously advised lenders on the portfolio's original financing structure in 2023, as well as on financing the 414MW Uungula Wind Farm. HSF Kramer project finance partner Gerard Pike said the refinancing was structured to create a more flexible non-recourse financing platform ahead of Squadron Energy's upcoming renewable energy and storage projects. "This financing is another evolution in the market to facilitate bringing these new projects into construction as efficiently as possible," he said. Flexibility for storage and hybrid projects built into the refinanced platform. The refinancing's explicit provision for future battery storage and hybrid development reflects a shift already underway at Squadron Energy. In 2024, the company applied for approval for an 8-hour duration BESS in New South Wales, seeking consent for a 1,200MWh battery storage system co-located with a 300MW wind project at the proposed Conargo Wind Farm in the South West Renewable Energy Zone (REZ). The company is also behind a separate 1,800MWh wind-plus-storage development west of Gulgong in the Central-West Orana REZ, which the NSW Independent Planning Commission has recommended for approval. Squadron Energy chief executive Rob Wheals has argued publicly that the country's renewable buildout needs to diversify beyond solar-based hybrids. Speaking at the Australian Clean Energy Summit 2026 last month, Wheals said Squadron Energy's own analysis showed a grid built purely on solar-based hybrids would require five times as much infrastructure compared with a more diversified technology mix, and that wind and long-duration storage needed to attract the same investment signals currently flowing to solar and shorter-duration battery storage systems. The refinancing lands as Australia's battery storage fleet continues to expand at pace. NEM-wide battery discharge reached a record 4,325MW on 11 August, with the fleet cycling through an intraday operating swing of roughly 8.3GW between midday charging and evening discharge, according to analysis from energy transition adviser Geoff Eldridge. The trend toward more flexible, diversified portfolio financing structures is among the themes expected to feature at the Battery Asset Management Summit Australia 2026, taking place 25-26 August in Sydney, where asset owners and lenders are set to discuss revenue strategy and capital deployment across the country's expanding storage and hybrid pipeline. Solar Media (part of Informa Group) will host the Battery Asset Management Summit Australia 2026 on 25-26 August at the Amora Hotel Jamison in Sydney, bringing together asset owners, operators, trading teams and optimisers to address revenue strategy, lifecycle management and operational performance across Australia's fast-growing battery storage fleet. Readers of Energy-Storage.news can get 20% off their tickets using the code ESN20 at checkout. Find out more about the Summit on the official website. 15 September 2026 San Diego, USA You can expect to meet and network with all the key industry players again in 2025 from major US asset owners, operators, RTOs and ISOs, optimizers, software and analytics providers, technical consultancies, O&M technology providers and more. 15 September 2026 Berlin, Germany Launching September 2026 in Berlin, Energy Storage Summit Germany is a new standalone event dedicated to Germany's energy storage market. Bringing together investors, developers, policymakers, TSOs, manufacturers and optimisation specialists, the Summit explores the regulatory shifts, revenue models, financing strategies and technology innovations shaping large-scale deployment. With Germany targeting 80% renewables by 2030, it offers a focused platform to connect with the decision-makers driving the Energiewende and the future of utility-scale storage.

Squadron Energy lands $2.7 billion refinance deal to add flexibility. Aug 13, 2026 Squadron Energy has refinanced its operating wind portfolio with $2.7 billion that could fund more batteries and hybrid projects, according to one advisor. The company, owned by iron ore mining billionaire Andrew Forrest, has 1.5 gigawatts (GW) of operating wind projects. The deal also included the under-construction Uungula wind project, but didn't include the first stage of Clark Creek which started exporting to the grid last year. Discover more Renewable energy news Battery storage systems Energy industry podcasts Some 15 banks backed the deal, according to media reports. "The portfolio financing arrangements have flexibility to enable future expansion of Squadron Energy's portfolio into BESS and hybrid projects," a statement from Herbert Smith Freehills Kramer says, which was an adviser to the deal. The law firm's project lead, Gerard Pike, said the deal was for "flexible non-recourse financing" to "facilitate bringing these new projects into construction as efficiently as possible." Squadron also has nearly 15 GW of projects in various stages of development, according to project tracker Renewmap, in addition to two gas power stations and a hydrogen project. Batteries and wind each make up the majority of Squadron's full pipeline of renewable energy projects. And while big batteries are still having their moment in the sun - literally, in the case of solar projects which are rarely being proposed without one now - hybrid wind projects are on the cusp of a similar trend. Squadron is already experimenting with the trend at its Uungula wind project, with plans to install a co-located battery alongside the 414 megawatt (MW) wind project. Allens partner Tim Stewart, who worked on the deal, says developers are beginning to refinance as their portfolios move out of planning and into more mature stages. "This transaction is a good example of sponsors refinancing and optimising existing portfolio financing arrangements," he said in a statement. Discover more Learn Quantum Physics Read Economic Reports Rooftop PV installation "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." * * This article has been updated to reflect that Squadron may not in fact use the funds for new batteries.