Babcock & Brown finally separates
Babcock & Brown (B&B) has finally agreed on separating with Babcock & Brown Wind Partners (BBW) to the tune of $40 million.
The management agreements and exclusive financial advisory agreement will be terminated, with $35 million paid immediately and a deferred payment of $5 million in June.
The portfolio includes 19 wind farms in the United States. B&B will operate and maintain services to the US wind farms in which BBW has an ownership interest.
Michael Larkin, the chief executive of B&B, said the company remained fully committed to its operational projects and pipeline wind developments in North America, Australia and Europe.
“The political and economic growth drivers behind wind energy remain strong and we will continue to draw on the significant expertise and experience of our team in the sector,” he said.
B&B is building six new wind farms to be completed by the end of 2008.
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