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Babcock & Brown to Acquire Bluewater Wind, Leading Developer of Offshore Wind Energy Projects
NEW YORK, Sept. 27 2007 -- International investment firm Babcock & Brown, announced today it has entered into a definitive agreement to acquire Bluewater Wind Delaware LLC and its parent holding companies, including Bluewater Offshore Holdings LLC and Bluewater Wind Holdings, LLC.
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"As the leading developer of offshore wind energy projects in the U.S., Bluewater is an ideal party to expand our portfolio of wind energy projects and realize our goal of developing offshore wind," said Hunter Armistead, head of Babcock & Brown's North American Energy Development Group. "Bluewater's success to date in Delaware and the positive feedback it has received in other states has convinced us that joining forces with Bluewater is the best course toward achieving our goal of commercializing offshore wind in the US. I have a great deal of respect for Bluewater's founder, Peter Mandelstam, and the team he has put together. We welcome them to Babcock & Brown and look forward to working together."
"With extensive development, operation and construction management expertise, Babcock & Brown is a true leader in wind energy that will help to ensure timely execution of the Delaware Offshore Wind Park," said Peter Mandelstam, President of Bluewater Wind. "Babcock & Brown was a very attractive partner because it brings to Bluewater a wealth of experience in developing wind energy projects across the country, as well as its considerable financial strengths."
Babcock & Brown manages an around-the-clock industry-leading operations team and back office staff, providing a network of support that will help to ensure the Delaware project, once operational, will run smoothly and safely. In addition, the Delaware Offshore Wind Park will benefit from Babcock's best business practices that have been developed across all operational and management disciplines related to its wind energy projects.
"The Bluewater team will continue with the negotiations with Delmarva Power toward executing a Power Purchase Agreement (PPA) with the utility, in a process that is being overseen by the Delaware Public Service Commission and three state agencies," added Armistead. "Bluewater has made great progress towards having a PPA that we intend to support and build upon. Once that agreement is completed, the permitting and other advanced development activities for the offshore wind project can continue. We also look forward to expanding Bluewater's reach to include sites off the coasts of other East Coast states.".
About Bluewater Wind:
Bluewater Wind is one of the country's leading developers of offshore wind energy parks. With projects under development off the coasts of Delaware, New Jersey, New York, and Rhode Island, Bluewater Wind is leading the way in the Northeast in developing offshore wind energy projects that will bring the advantages of clean, stable-priced, renewable wind energy to hundreds of thousands of residents and businesses.
About Babcock & Brown:
Babcock & Brown is a global investment firm which manages assets in excess of $50 billion with specific experience and capabilities in wind energy, notably between B&B and its family of funds we manage in excess of 1200 megawatts (MW) with our equity share in excess of 850 MW. This includes operations at 18 wind farms in eight states.
Babcock & Brown operates from 29 offices across Australia, North America, Europe, Asia and Africa and has in excess of 1250 employees worldwide. Babcock & Brown has four operating divisions including real estate, infrastructure and project finance, operating leasing, corporate and structured finance.
For further information about Babcock & Brown please see our website: http://www.babcockbrown.com.
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For further information, please contact:
Matt Dallas
Babcock & Brown
Phone No - (212)796-3918
Email: matt.dallas@babcockbrown.com
Website:http://www.babcockbrown.com
Source: Babcock & Brown
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