Federation buys 75% of Windlab, gaining access to 20GW renewables pipeline

What's the deal? Federation Asset ManagementDealroom has a profile for this one. Try Dealroom → is acquiring a 75% stake in Windlab, a wind and solar energy infrastructure developer, from Squadron EnergyDealroom has a profile for this one. Try Dealroom →. Windlab's 20GW portfolio of wind, solar, and storage projects will remain unchanged under the new ownership.

As part of the transaction, Squadron and Windlab have formed a 50/50 joint venture to develop up to 1.4GW of wind and up to 500MW of solar projects at Bungaban in southern Queensland.

Windlab was privatised and delisted from the ASX in 2020. Federation Asset Management founding partner Stephen Panizza said Windlab "has the capability and culture we want to support as long-term investors."

Why now? Australia's renewable energy sector is scaling fast, and gigawatt-scale projects demand substantial financial backing. Federation's deep renewable energy investment expertise gives Windlab the funding firepower to progress its large development pipeline, while Squadron can redirect focus to its own renewables projects.

"We're pleased to see Federation leading the next phase of Windlab's growth, with the sale equally enabling us to accelerate the delivery of our own strong renewables pipeline," said Squadron chief executive Rob Wheals.

What could go wrong? Developing 20GW of renewable capacity is an enormous undertaking that depends on grid connections, planning approvals, and offtake agreements — all of which face bottlenecks in Australia. The Bungaban joint venture alone spans nearly 2GW and will require coordination between two partners with different strategic priorities.

The signal: Federation Asset Management is an investment fund stepping into a space where specialist capital is increasingly required to move gigawatt-scale renewables pipelines from development to delivery. With Squadron Energy, a corporate investor, choosing to divest a majority stake while retaining exposure through the Bungaban joint venture, the deal illustrates how Australia's energy transition is pushing both financial and strategic investors to restructure ownership around the projects they are best positioned to deliver.

Read more: fssustainability.com.au