Wind is BACK: Forrest’s $1 Billion Coup Fires Up Queensland's Energy Superhighway

2 days ago

4 min read

The Australian renewable energy landscape just witnessed a game-changing financial injection. Andrew Forrest’s Squadron Energy has secured a massive $1 billion funding package for Stage Two of the Clarke Creek Wind Farm in Queensland. This isn't just a big deal—it’s a powerful signal that the financial drought for major Australian wind projects is over, cementing a new phase in the nation's push towards its 82% renewables target by 2030.

This landmark financing deal, backed by a consortium of ten major capital partners, is being hailed as a "new market benchmark," proving that institutional money is once again keen on large-scale wind power in Australia.

Wind is BACK: Forrest’s $1 Billion Coup Fires Up Queensland's Energy Superhighway

The Gigawatt-Scale Colossus in Queensland

The Clarke Creek project, located between Rockhampton and Mackay on the traditional lands of the Barada Kabalbara Yetimarala (BKY) people, is already a major player, and Stage Two will transform it into an Australian giant.

Stage One (Operational): Features 100 turbines providing 450 MW capacity, capable of powering around 330,000 Queensland homes.
Stage Two (New Investment): Adds 88 more turbines, injecting a huge 704 MW of extra capacity.
Total Powerhouse: Once complete, Clarke Creek will exceed 1.1 GW (Gigawatt) in capacity, placing it among the nation’s largest wind farms, second only to Victoria's behemoth Golden Plains project (1.33 GW).

The sheer scale of this project underlines Queensland's commitment to building a robust clean energy backbone, which is crucial for grid stability and energy security.

Why the $1 Billion Deal is a Turning Point for Investors

For a long period, investors had favoured solar and battery storage systems, leaving major wind projects struggling to secure debt financing due to grid connection delays and global supply chain pressures.

Wind Financing Thaw: Squadron’s successful financial close indicates a renewed confidence in the wind power investment sector. This could unlock stalled Australian wind farm developments such as the Palmer and Carmody Hill projects in South Australia.
De-Risking Renewable Projects: Securing large-scale finance like this demonstrates that project developers are finding ways to mitigate risks associated with transmission network delays and turbine supply chain volatility.
The Next Wave of Capital: Industry analysts suggest this deal will pave the way for a rush of private sector capital into other major Queensland renewable energy projects, aligning with the state’s long-term Energy Roadmap 2025.

Community Focus and Project Challenges

In a key move to ensure a social license to operate, Squadron has committed approximately $20 million in community benefits over the life of the Clarke Creek project, directly supporting local regional development. This includes the pioneering Clarke Creek Bill Bonus, a $1,000 annual rebate for eligible local residents.

However, the project has not been without its challenges, which highlight the importance of expert project management in the energy sector:

Safety & Compliance: The site has faced a tragic workplace accident and the recent discovery of white asbestos in non-airborne brake-pad components of some Goldwind-supplied turbines.
Mitigation Strategy: Squadron has confirmed immediate remediation is underway, with no airborne asbestos detected and a commitment to maintaining worker and public safety as the top priority. This is a crucial reminder of the complexity and rigour required in managing large-scale infrastructure projects.

The Big Picture: Stabilising the Australian Energy Market

Clarke Creek’s expansion is more than just a wind farm; it is a critical piece in the national puzzle to phase out coal and provide affordable, reliable electricity for Australian homes and businesses.

By adding nearly 1.2 GW of clean, firming power, it directly supports the government's ambitions and helps to:

Lower Energy Costs: Increasing the supply of cheap, zero-marginal-cost renewable energy puts downward pressure on long-term wholesale electricity prices.
Enhance Grid Resilience: Large, interconnected projects like this improve the overall stability and resilience of the National Electricity Market (NEM).
Attract Global Green Investment: It signals to international capital that Australia is a stable and profitable market for green infrastructure investment.

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