Partners Group to sell CWP Renewables, a major Australian renewable energy platform
Sydney, Australia; 7 December 2022
- Partners Group built CWP from the ground up, transforming it into one of the largest renewable energy platforms in Australia
- The Platform has 1.1 GW of operational onshore wind assets, including Murra Warra I & II
- Renewable energy is a core thematic focus for Partners Group, which seeks to invest in next-generation infrastructure assets that benefit from decarbonization trends
Partners Group, a leading global private markets firm, has, on behalf of its clients, agreed to sell CWP Renewables ("CWP" or "the Platform"), a vertically integrated renewable energy platform in Australia, to Squadron Wind Energy Assets.
CWP's renewable energy platform spans onshore wind and battery farms, and provides power to clients including Transurban, Woolworths Group, Sydney Airport, Commonwealth Bank, and Snowy Hydro. It currently operates over 1.1 GW of wind assets including Sapphire Wind Farm, which has 75 turbines generating up to 270 MW, Murra Warra I & II (with a combined 435 MW), Bango Wind Farm (244 MW), and Crudine Ridge (142 MW). CWP's portfolio also includes a construction-ready 414 MW wind farm and a 30 MW battery project. The Platform has a project pipeline including 5 GW of near-medium term projects and an additional 15 GW at an early stage of development.
Partners Group developed CWP from the ground up in line with its long-term and thematic approach to investing in next-generation infrastructure assets that benefit from decarbonization trends. The firm invested in Sapphire Wind Farm, the first of the CWP assets to be constructed, in 2016. In building CWP, Partners Group successfully managed projects towards commercial operation dates, installed best-in-class teams to handle daily operations, arranged long-term power purchase agreements, and implemented a portfolio debt staple to replace individual asset specific project finance facilities, all with a view to the long-term sustainability of the Platform.
Martin Scott, Head of Australia, Partners Group, says: "We are proud to have built a major renewable energy platform that is set to play a key role in decarbonizing Australia's energy mix and supporting the country and its businesses in meeting their ambitious net zero ambitions."
Andrew Kwok, Head of Private Infrastructure Asia, Partners Group, comments: "The Platform, including late-stage construction assets, creates enough energy to power 200,000 homes, employs more than 1,000 Australians, and avoids 2.1 million tons of emissions through its renewable power generation."
Nick Kuys, Head of Private Infrastructure Asset Management Asia, Partners Group, adds: "The assets in the CWP platform benefit from talented operations teams and long-term contracts, which provide highly visible cashflows."
Partners Group's Private Infrastructure business has USD 21 billion in assets under management and has made over 130 investments in 18 countries globally. Partners Group has invested over USD 3.8 billion in renewable energy assets globally.
Completion of the transaction is subject to customary regulatory approvals. Partners Group was advised by Macquarie Capital as its financial advisor and Clifford Chance as its legal advisor.