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BBW to buy six more US wind farms  

Specialist renewable energy fund Babcock & Brown Wind Partners (BBW) is to purchase another six wind farms in the United States from its parent, investment bank Babcock & Brown Ltd (BNB).

The disclosure follows an application for approval of the sale with the US Federal Energy Regulatory Commission.

No purchase price was disclosed, although a BBW spokesman said that further details, including price, were expected to be released publicly some time in January.

The expected size of the purchase and that it was a third-party transaction would necessitate an extraordinary general meeting of BBW security holders some time “around the middle of the first quarter” of calendar 2007 to approve the deal, the spokesman said.

Detailed information, including an independent expert’s report, would be distributed to BBW security holders before the EGM.

The wind farms that add to BBW’s existing portfolio of 19 wind farms are:

Buena Vista, California, with an installed capacity of 38MW; Aragonne, New Mexico,90MW; GSG, Illinois,80MW; Mendota, Illinois,52MW; Allegheny Ridge Phase 1, Pennsylvania,80MW; Allegheny Ridge Phase II, Pennsylvania,70MW;

BBW is a stapled entity that listed on the Australian Stock Exchange in October 2005.

BBW’s portfolio comprises an interest in, or agreement to buy, 23 wind farms on three continents that have an installed capacity of 1,150 MW and are diversified by geography, currency, equipment, supplier, customer and regulatory regime.

BBW enjoys a strategic relationship with Babcock & Brown, which has almost 20 year’s experience in the wind-energy sector.

Earlier this month, parent BNB bought Portugal-based Enersis II SGPS SA, one of the biggest renewal energy companies in Europe, for 490 million euros ($A794 million).

In September, BNB raises $A300 million to fund the expansion of its property, infrastructure and renewable fuel projects in the United States while in May BBW) raised $120 million to fund a fresh round of wind farm acquisitions in the US.

theage.com.au

This article is the work of the source indicated. Any opinions expressed in it are not necessarily those of National Wind Watch.

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