Squadron Energy has approached banks seeking around AUD 1bn (USD 662m) in project financing for its Clarke Creek wind farm in Queensland, three sources said.

Squadron Energy, which is owned by Andrew and Nicola Forrest’s Tattarang Group, has equity funded the project up until this point, one of the sources said.

Squadron bought the AUD 3bn wind, solar and battery project from Goldwind and Lacour Energy in 2022 and began building the first 450 MW phase.

As of last month, Squadron had installed 97 out of the project’s 100 turbines for Clarke Creek’s first stage.

In 2020, Queensland-owned generator Stanwell signed a 15-year power purchase agreement for 347 MW of Clarke Creek’s power.

Squadron is now in advanced planning for the 88-turbine, 704 MW second stage of Clarke Creek, according to the developer’s website.

Squadron Energy was founded by Australian iron ore mining billionaire Andrew ‘Twiggy’ Forrest as his private renewables investment vehicle.

Squadron Energy owns 75% of Australian developer Windlab, which was in in talks this July to sell its stake after Canadian investor Brookfield walked away from the sale in March.

Federation Asset Management, which owns the remaining 25%, was reported by Infralogic in December 2023 as seeking a partner to help it buy out Squadron Energy’s stake.

Squadron Energy also bought Partners Group’s CWP Renewables 1.1GW operating portfolio and 20 GW pipeline in December 2022 for an estimated AUD 4bn.

Squadron Energy acknowledged receipt of Infralogic‘s request for comment but did not respond in time for publication.