SAN FRANCISCO, Jan. 15 /PRNewswire/ — International investment and specialized fund and asset management group Babcock & Brown, a leading wind energy developer and operator, today announced it has acquired seven Midwestern wind energy projects, under various stages of development, from Gamesa Energy USA, LLC (“Gamesa”) and Navitas Energy, Inc. (“Navitas”), a subsidiary of Gamesa.
The seven wind energy projects, totaling more than 750 megawatts (MW), enough to power more than 190,000 homes per year, are located across five states in the Midwest, including three in Illinois, located in Woodford and Stephenson Counties. The four additional projects are located in the following Counties: Manitowoc, Wisconsin; Brookings, South Dakota; Pocahontas, Iowa; and Logan, Ohio. The Logan project was acquired from Gamesa, while the remaining six projects were acquired from Navitas.
“These future wind farms are ideal additions to Babcock & Brown’s near-term development pipeline because they are located in markets in which we are focused, and they are also located near areas where we have existing wind farms,” said Hunter Armistead, head of Babcock & Brown’s North American Energy Development Group. “We look forward to developing these projects and bringing them online in the near future, further adding to the production of clean and renewable wind energy in the Midwest.”
In the United States, Babcock & Brown currently operates 20 wind farms across nine states, 19 on behalf of Babcock & Brown Wind Partners, totaling more than 1500 MW of installed capacity, and has more than 18 additional wind farms under development across the country. In the Midwest, Babcock & Brown owns operational wind farms in Lee County, IL, and Bureau County, IL.
About Babcock & Brown
Babcock & Brown is an international investment and specialized fund and asset management group with longstanding capabilities in the creation, syndication and management of asset and cash flow-based investments.
Babcock & Brown has more than 20 years experience in the wind energy sector and is one of the top five wind energy developers and operators globally. Babcock & Brown currently has in excess of 3000 MW of wind energy under development around the world primarily in the US and Europe. Babcock & Brown Wind Partners a specialized investment fund focused on the wind energy generation sector currently has a portfolio of interests in 35 wind farms on three continents that has a total installed capacity of approximately 1700MW.
Babcock & Brown was founded in San Francisco in 1977 and is listed on the Australian Stock Exchange. For further information about Babcock & Brown please see our website: http://www.babcockbrown.com/.
Gamesa is a company specializing in sustainable energy technologies, mainly wind power. Gamesa is the market leader in Spain and is well positioned among the most important wind generator manufacturers in the world with a market share of 15.6% in 2006.
Gamesa has installed over 10,000 MW of its turbines in 20 countries across four continents. The annual equivalent of this production amounts to the electrical power consumption of a city like Madrid over six years, allowing for savings of 7.5 million petroleum equivalent tonnes / year and a reduction in CO2 emissions of 51.9 tonnes / year.
With a portfolio of more than 20,000 MW of wind power being developed in Europe, the United States and Asia and branches in 13 countries, Gamesa is well positioned as one of the world’s leading companies in the promotion and development of wind farms. A majority share of Navitas Energy Inc. was purchased by Gamesa in 2002.
Matt Dallas[email protected]
Babcock & Brown
First Call Analyst:
Source: Babcock & Brown