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How underdog Squadron Energy powered up CWP’s $4b Project Anemoi

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Eight weeks ago, not even CWP Renewables and its owner Partners Group was sure if the Forrest family was serious about spending $4 billion to become Australia’s biggest windfarm and renewables owner.

Sure, the Forrests’ Squadron Energy lobbed a surprise and brief indicative bid for CWP Renewables, but it had seemingly done much less due diligence than suitors tied to market incumbents and well-known suitors Origin Energy and AGL, and global giant Iberdrola.

Fortunately, the pitch worked. Partners Group thought it was worth the punt and ushered Squadron Energy as the late fourth entrant into Project Anemoi’s second and final bid phase. Come the November 28 bid date, Partners Group could see that Squadron had evolved into a serious contender. It had the highest offer and the most condition-free bid, and was shortlisted for a final round of black box due diligence last weekend.

Come Tuesday night, Partners Group had two options: accept the knockout bid from Squadron, which valued CWP Renewables at a little north of $4 billion, or global industry player Iberdrola’s, which wasn’t far behind.

 

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