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.
AUTHOR
Mike Taylor
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