Forrest’s Squadron Energy strikes $2.75b wind farm deal

Having called for the heads of fossil fuel bosses to be placed on spikes, Australian mining magnate Andrew Forrest is ploughing ahead to avoid a similarly dramatic fate.

As he turned the first sod on a massive wind farm in western NSW, Mr Forrest on Thursday revealed a $2.75 billion strategic alliance for wind turbine supply with General Electric subsidiary GE Vernova.

The deal will help set his Squadron Energy on a path to becoming the nation’s largest renewable energy provider, supplying 14 gigawatts — or enough power for six million homes by the 2030s.

Australia is aiming to have 82 per cent of the national electricity grid powered by renewable energy by 2030.

“The time for talk is over, we are investing right now in Australia’s green energy transition and creating jobs and economic development for regional Australia,” Mr Forrest said.

The announcement comes after the businessman in December pointed the finger for climate change-linked deaths at the chiefs of fossil fuel companies.

Mr Forrest made his fortune at the helm of iron ore giant Fortescue.

“It’s their heads which should be put up on spikes because they wilfully ignored and they didn’t care,” he told the ABC from the sidelines of COP28.

About $1 billion in turbines will be built north of Dubbo at the 414-megawatt Uungula Wind Farm, where Energy Minister Chris Bowen joined Mr Forrest to turn the first sod on what will be NSW’s largest such project.

Once completed, the 69-turbine facility will generate enough electricity to power more than 220,000 homes.

About 250 jobs will be supported during construction with another 12 jobs ongoing.

“These projects are further proof renewable energy investors are getting on with the job, capitalising on Australia’s huge renewable energy potential and helping transform our energy grid for the 21st century,” Mr Bowen said.

A 150MW on-site battery is also planned for the Uungula site, subject to planning approval.

Squadron Energy, which is wholly owned by Tattarang, the private investment vehicle of the Forrest family, currently operates five wind farms in NSW and Victoria, with a capacity of 1.1GW.

The national electricity market, which does not include WA and the Northern Territory, has a capacity of about 65GW.

AAP travelled to Wellington as a guest of Tattarang and Squadron Energy.