04/03/2020 - 15:49

Forrest joins consortium to buy Windlab for $68m

04/03/2020 - 15:49

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Andrew Forrest has added to his diverse business portfolio, purchasing global renewable energy development company Windlab in a consortium with Sydney-based Federation Asset Management.

Forrest joins consortium to buy Windlab for $68m
Andrew Forrest says he is pleased to be part of the consortium investing in the company. Photo: Attila Csaszar

Andrew Forrest has added to his diverse business portfolio, purchasing global renewable energy development company Windlab in a consortium with Sydney-based Federation Asset Management.  

Squadron Wind Energy Development, which is owned by Mr Forrest’s Minderoo Group, bought Windlab with Federation Asset Management for $68.2 million.

The consortium has entered a binding scheme implementation agreement with Windlab to acquire 100 per cent of the outstanding ordinary shares.

Under the scheme, shareholders will be offered $1 per Windlab share.

The board agreed Windlab shareholders should vote in favour of the scheme.

Mr Forrest said he was pleased to be part of the consortium investing in the company.

“The unique technical capabilities of the team and the strong portfolio of project opportunities give Windlab a leading position in wind generation in Australia," he said. 

“Alongside our recent investments in solar projects, this investment also underscores Squadron Energy’s vision for a sustainable energy future.”

Windlab lead independent director and chair of the independent board committee, Charles Macek, said the consortium shared the company’s vision of harnessing the signficiant opportunity for wind energy.

“We are excited about the opportunity of accelerating our development activities and continuing to identify new project opportunities using our proprietary Windscape technology," he said.

“In discussion to date, we have been impressed by the consortium’s grasp of Windlab’s assets and development portfolio and our strategic potential.”

The scheme is subject to court and Windlab shareholder approvals. 

Windlab was established in 2003 to commercialise atmospheric modelling and wind energy assessment technology developed by CSIRO.

The company has offices on the east coast of Australia, Kenya, South Africa, Tanzania and the US.

Shares in Windlab opened at 97 cents each and closed at 96.5 cents.

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