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Partners Group sells CWP Renewables to Squadron Energy
In what global law firm Clifford Chance is calling “Australia's largest renewable energy deal to-date”, CWP Renewables has been purchased by Squadron Energy from private equity firm Partners Group.
Emma Musgrave and Jerome Doraisamy
Firms: Clayton Utz (Squadron Energy), Clifford Chance (Partners Group).
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Deal: Squadron Energy has acquired CWP Renewables, a major Australian renewable energy developer, with a platform spanning onshore wind and battery farms, from Partners Group, in “Australia's largest renewable energy deal to-date”.
The transaction, Clayton Utz said, will see Squadron Energy become Australia’s largest renewable energy investor, operator and developer, with a renewable energy operating portfolio of 2.4GW and Australian development pipeline of 20GW.
Area: M&A, Energy.
Value: N/A.
Key players: The Clayton Utz team was led by partners Brett Cohen and Stuart MacGregor, who were supported by partner Rohan Mishra, special counsel Armin Fazely, senior associates Tristan Appleby and Jackie Leggett, and lawyers Luke Crofts and Morgan Gabriel.
The Clifford Chance team was was jointly led by partners Andrew Crook and Nadia Kalic, who were supported by partners Chad Bochan and Richard Gordon, senior associates Jenny Han, Dale Straughen, Aditya Ralhan, Emily Yung, Mukesh Rajalingam and Adam Wood, counsel Sunny Jong, associates Evan Thomson, Henry Baek, Sarah Bowe, Amelia Hirst and Mathew Kambos, and trainee lawyers Connor Smith, William Lucas and Joshua Malek.
Deal significance: Speaking about Clayton Utz’s role in the transaction, Mr Cohen said: “We’re pleased to have been given this incredible opportunity to work with the Squadron Energy team on a transformational transaction which will see it play a critical role in Australian’s energy transition.”
On the Clifford Chance side, Mr Crook noted: “It has been an amazing journey working with Partners Group on the CWP Renewables Platform, right from its creation through to today's milestone. Along the way we have had the privilege of being part of a great team, including the CWP Renewables leadership, the other advisers and, of course, Partners Group itself.”
“I am sure the business will continue to grow and thrive under its new ownership, delivering great outcomes for all stakeholders,” he added.
And Ms Kalic said: “We are very proud to support businesses that play a key role in decarbonising the global energy system. The transaction builds upon our market-leading work in Australia and around the world advising businesses on their energy transition journey.”
