B&B clears more debt
Babcock & Brown has further improved its liquidity position announcing today that, in conjunction with Babcock & Brown Wind Partners, it had sold a portfolio of jointly-owned wind farms in Portugal.
The sale of the wind farm interest generated $285.82 million, and the company made clear that it had retained ownership of its other wind interests in Portugal, including 123 megawatts of projects under construction, while negotiations for the sale of wind energy assets in France, Greece and Germany remained ongoing.
Commenting on the transaction today, Babcock and Brown chief executive Michael Larkin said the company remained committed to reducing its corporate level gearing through an orderly asset sale process.
“There remains no specific time frame on the reduction of gearing levels and we will continue to see to maximising returns from the asset sale process,” he said.
Recommended for you
Sequoia Financial Group has announced it is selling off its Informed Investor subsidiary which it acquired in April 2022.
Wealth Data has examined which advice business model has seen the most growth since the start of the year including those that offer holistic advice.
Research conducted by Elixir Consulting and Lonsec has quantified the efficiency gains of using managed accounts in financial advice practices in hours per week saved.
With only one-quarter of advice practices actively seeking feedback from clients, the Financial Advice Association Australia has emphasised why this is a critical tool for client retention.