Forrest adds energy in assets renewables rush

Forrest’s foray into the energy sector includes plans to transform his Fortescue into a producer of green hydrogen, as well as a stake in Sun Cable’s A$30bil project to export renewable energy from Australia to Singapore. — Bloomberg

SYDNEY: Billionaire Andrew Forrest agreed to acquire Partners Group Holding AG-backed CWP Renewables Pty Ltd, extending a rush of deal-making focused on Australia’s accelerating shift to cleaner energy.

Forrest’s Squadron Energy Pty will acquire a CWP portfolio that includes 1.1 gigawatts of wind operations and approvals for solar-to-battery assets, the buyer said in a statement yesterday, without providing financial details.

Forrest’s foray into the energy sector includes plans to transform his Fortescue Metals Group Ltd into a producer of green hydrogen, as well as a stake in Sun Cable Pte Ltd’s A$30bil (US$20bil or RM87.9bil) project to export renewable energy from Australia to Singapore.

Investors seeking exposure to growth in renewable energy are targeting Australia, one of the developed world’s biggest per-capita emitters, as the nation seeks to quickly replace expensive and unreliable coal-fired power plants with cleaner alternatives. — Bloomberg