Squadron Energy secures AU$2.7 billion refinancing to support hybrid asset growth in Australia

LinkedIn
Twitter
Reddit
Facebook
Email

Squadron Energy has completed a refinancing of its Australian renewable energy portfolio, securing total debt commitments of more than AU$2.7 billion (US$1.76 billion).

The transaction restructures financing arrangements across roughly 2GW of wind projects in operation or under construction, while building in flexibility for the company to expand into battery storage and hybrid assets.

Squadron Energy is one of Australia’s largest renewable energy developers and owners, with a portfolio that includes the Uungula, Murra Warra, Sapphire and Crudine Ridge wind farms.

The refinanced portfolio spans approximately 1.5GW of operational and under-construction wind capacity, according to law firm Herbert Smith Freehills Kramer (HSF Kramer), which advised Squadron Energy on the deal, with Macquarie Bank acting as the company’s financial advisor.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

Law firm Allens advised the lenders on the refinancing. Allens co-lead partner Tim Stewart said the transaction reflected a broader pattern among developers with maturing asset portfolios.

“As portfolios mature, sponsors are increasingly seeking opportunities to further streamline and build flexibility into their debt platforms to allow for future growth and diversification,” he said.

 Allens previously advised lenders on the portfolio’s original financing structure in 2023, as well as on financing the 414MW Uungula Wind Farm.

HSF Kramer project finance partner Gerard Pike said the refinancing was structured to create a more flexible non-recourse financing platform ahead of Squadron Energy’s upcoming renewable energy and storage projects.

“This financing is another evolution in the market to facilitate bringing these new projects into construction as efficiently as possible,” he said.

Flexibility for storage and hybrid projects built into the refinanced platform

The refinancing’s explicit provision for future battery storage and hybrid development reflects a shift already underway at Squadron Energy.

In 2024, the company applied for approval for an 8-hour duration BESS in New South Wales, seeking consent for a 1,200MWh battery storage system co-located with a 300MW wind project at the proposed Conargo Wind Farm in the South West Renewable Energy Zone (REZ).

The company is also behind a separate 1,800MWh wind-plus-storage development west of Gulgong in the Central-West Orana REZ, which the NSW Independent Planning Commission has recommended for approval.

Squadron Energy chief executive Rob Wheals has argued publicly that the country’s renewable buildout needs to diversify beyond solar-based hybrids.

Speaking at the Australian Clean Energy Summit 2026 last month, Wheals said Squadron Energy’s own analysis showed a grid built purely on solar-based hybrids would require five times as much infrastructure compared with a more diversified technology mix, and that wind and long-duration storage needed to attract the same investment signals currently flowing to solar and shorter-duration battery storage systems.

The refinancing lands as Australia’s battery storage fleet continues to expand at pace. NEM-wide battery discharge reached a record 4,325MW on 11 August, with the fleet cycling through an intraday operating swing of roughly 8.3GW between midday charging and evening discharge, according to analysis from energy transition adviser Geoff Eldridge.

The trend toward more flexible, diversified portfolio financing structures is among the themes expected to feature at the Battery Asset Management Summit Australia 2026, taking place 25-26 August in Sydney, where asset owners and lenders are set to discuss revenue strategy and capital deployment across the country’s expanding storage and hybrid pipeline.

Never miss an Australian energy storage story. Sign up for our Australia newsletter and get the latest project announcements, policy updates and market analysis delivered directly to you.

Solar Media (part of Informa Group) will host the Battery Asset Management Summit Australia 2026 on 25-26 August at the Amora Hotel Jamison in Sydney, bringing together asset owners, operators, trading teams and optimisers to address revenue strategy, lifecycle management and operational performance across Australia’s fast-growing battery storage fleet.

Readers of Energy-Storage.news can get 20% off their tickets using the code ESN20 at checkout. Find out more about the Summit on the official website.

26 November 2026
9am GMT / 1pm GST
In this webinar, Florian Didier and Salomé Perperot from Clean Horizon share the approach they use when supporting IPPs through optimiser selection and contract negotiation across Europe. The presentation will be followed by a live Q&A session in which attendees can put their own questions to the speakers. Who should attend: IPPs and developers, asset owners and investors, lenders and financial advisors, and anyone involved in the commercial structuring of battery storage projects.
22 February 2027
InterContinental London - The O2, London, UK
The Future of Energy Storage Starts Here Three days in London where developers, IPPs, investors, utilities and the manufacturers building the technology come to close deals, not swap business cards. If you need to be in the room with the people deploying capital into European storage, this is that room.

Read Next

November 6, 2026
Renewables developer D. E. Shaw Renewable Investments (DESRI) and Ford Motor Company’s energy storage subsidiary, Ford Energy, will partner to deploy energy storage in the US.
November 6, 2026
Norges Bank Investment Management (NBIM), the asset management unit of the central bank of Norway, has acquired a 10% interest in North American battery storage developer-operator Aypa Power.
November 6, 2026
EnergyAustralia has taken delivery of the final battery storage units for its 50MW/250MWh Hallett BESS in South Australia, as construction continues at the site.
November 5, 2026
US retail giant Walmart has made a strategic investment in home battery storage firm Base Power, while Sunrun has doubled the size of its home battery VPP in Puerto Rico.
November 5, 2026
Democrats scored major victories in the US Midterm elections, taking both the House and Senate and flipping several long-held Republican strongholds, with changes likely to occur in the clean energy sector.