Windlab, a global renewable energy development company based in Australia, has collected a $20 million loan from Squadron Energy and Federation Asset Management — two firms that are planning to take over the company for roughly $70 million.
According to several news sources, the loan will be used to strengthen Windlab’s balance sheet and provide liquidity assistance as it works through a dispute involving the Kennedy Energy Park, a wind, solar and storage hybrid power station in Queensland.
“The facility provides Windlab with access to the necessary funds to manage liquidity through any future project delays including Kennedy Energy Park,” the company said in a statement.
Windlab said the loan was the most favorable of the fundraising approaches it considered.
According to PV Magazine, Windlab has suffered a $30 million write-down on the Kennedy project following more than a year of connection delays. The Kennedy Energy Park consists of 4
