Infigen buys Babcock and Brown wind assets
Wind power company Infigen Energy says it will spend $23.5 million to purchase key assets owned by Babcock & Brown International.
In a statement to the stock market on Wednesday, Infigen said it had settled on the terms for acquiring Babcock’s Australian and New Zealand wind energy projects and its US wind asset management business.
“The total consideration for these acquisitions is $23.5 million,” Infigen said in a statement.
“Additional separation costs are still expected to be approximately $8 million,” the company said.
Financial engineers Babcock & Brown was delisted from the Australian Securities Exchange on Friday and is reported to have burned through $5.4 billion in their final year of operation.
In March, Babcock & Brown was placed in receivership, but subsidiary Babcock & Brown International maintained its operations.
“The acquisitions represent high quality assets and significantly add to the growth prospects and value of our operations in Australia and the US over the medium term,” said Infigen managing director Miles George.
24 June 2009
Tags: Wind power, Wind energy
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