04 Mar 2020

Squadron Energy expands its renewable energy footprint into wind

Squadron Energy and “Wind Acquisition 1 Pty Ltd” have joined forces to acquire 100 per cent of renewable energy company Windlab’s outstanding ordinary shares through a scheme of arrangement.

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Wind turbines creating renewable energy on cattle farm
Photo Credit: istock80 via Getty Images.

Squadron Energy and “Wind Acquisition 1 Pty Ltd” have joined forces to acquire 100 per cent of  renewable energy company Windlab’s (ASX: WND) outstanding ordinary shares through a scheme of arrangement.  Wind Acquisition 1 is an investment vehicle of funds managed by Sydney-based Federation Asset Management Holdings which currently holds an 18.7 per cent interest in the company.

Windlab

  • Owns 40MW of operating windfarms in Victoria and Queensland.
  • Provides asset management services for 485MW of projects in Australia.
  • Has a development funnel of projects with capacity in excess of 7500MW in Australia, South Africa, Tanzania and Kenya.

Under this scheme announced today, Windlab shareholders are set to receive a cash consideration of $1.00 per Windlab share, representing a 30 per cent premium to the six-month volume weighted average price of $0.77 per share.

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