Federation acquires 75% stake in Windlab

Federation Asset Management will acquire a 75% stake in Windlab, a wind and solar energy infrastructure developer, from Squadron Energy.

Windlab's development pipeline will remain unchanged, with the business continuing to progress its 20GW portfolio of wind, solar and storage projects.

Windlab was privatised and delisted from the ASX in 2020.

Federation Asset Management founding partner Stephen Panizza said: "Windlab is well regarded across the industry and has the capability and culture we want to support as long-term investors."

Windlab chief executive John Martin said Federation's role aligns with Windlab's development-led approach and supports how the business originates and progresses projects.

"Federation knows our business well, and their deep renewable energy investment and funding expertise supports how we plan, structure and progress projects, while allowing Windlab to stay focused on development," Martin said.

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

Squadron Energy chief executive Rob Wheals said the transaction allows Squadron to focus on its pipeline of renewable energy projects currently under development, while also providing its technical and delivery expertise to the Bungaban 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," Wheals said.

"In a nod to the fact gigascale projects require substantial backing, we're proud to be partnering with Windlab to deliver Bungaban through a joint venture."

"Bungaban has real scale, and the joint venture with Squadron brings together the right backing and capability to progress the project," Martin said.

In November 2025 Federation appointed Rebecca Thomas as investment director and head of responsible investments to lead ESG integration across all of Federation's investment strategies.