Windlab scheme approved by shareholders and Supreme Court

Effective today the Supreme Court of New South Wales has approved a scheme of arrangement to effect the acquisition of Windlab Limited (ASX: WND) by Squadron Energy Pty Ltd and Federation Asset Management Pty Ltd.

Windlab will become 75 per cent owned by a subsidiary of Squadron Energy Pty Ltd (a wholly owned subsidiary of Andrew Forrest’s privately held Tattarang group) and 25 per cent by Federation Asset Management Pty Ltd, which will act as funds manager and adviser. PwC, Corrs Westgarth Chambers, Clayton Utz and Maysaffron acted as advisers on the transaction.

The scheme was overwhelmingly approved by Windlab shareholders at the scheme meeting on Friday 5 June 2020, with 98.95 per cent of votes in favour of the transaction.

Stuart Johnston, CEO of Squadron Energy, said “We are committed to the transition to a low carbon energy future. Our investment in Windlab is consistent with that commitment and we look to the continued growth of Windlab as electricity from wind energy is affordable, reliable and clean.”

Squadron Energy and Federation will work closely with Windlab in delivering its substantial development portfolio to the National Electricity Market.

CEO of Federation, Cameron Brownjohn, added: “The renewables sector is an asset class with growing demand from the wholesale and institutional market, and we will be working with investors to take advantage of the opportunities that Windlab offers the market.”

About Windlab Limited

Windlab Limited is a wind energy development company initially established to commercialise world leading atmospheric modelling and wind mapping technology (WindScape™) developed at Australia’s CSIRO. Windlab uses this proprietary technology to identify and develop high quality wind farm sites, reducing the risk and uncertainty associated with wind development.

Windlab is headquartered in Canberra, Australia and has offices across Australia, Southern Africa and North America. More than 1,000MW of wind farm capacity, on three continents, developed by Windlab has reached financial close and is today either operating or under construction. Windlab is developing more than 50 renewable energy projects, totalling over 7,500MW of capacity around the world.

About Squadron Energy

Squadron Energy Pty Ltd is an Australian-based energy company focused on projects in the natural resources, renewable energy and infrastructure sectors. It is a company in the Tattarang group which holds the Forrest family’s private business interests. It was founded by prominent West Australian businessman, Dr Andrew Forrest AO. For more information go to: www.squadronenergy.com.

About Federation Asset Management

Federation is a leading investor in sustainable infrastructure and renewable energy; health and education real estate; and operating companies with strong growth potential. Its mission is to produce clean energy; to improve the health, education and living conditions of future generations; and to build a better community. Federation is a signatory to the United Nations Principles for Responsible Investing and is a member of the Responsible Investment Association of Australasia. For more information go to: www.federationam.com.