Babcock & Brown sells €1.15bn of Portuguese wind assets to private equity consortiumAsset management firm Babcock & Brown, in conjunction with Babcock & Brown Wind Partners, has sold a portfolio of jointly owned wind farms in Portugal for approximately €1.15bn. The portfolio has been sold to a consortium of investors, led by private equity firm Magnum Capital, and consists of approximately 515 MW of operating wind farms and a futher 156 MW of wind farms under construction.
Antonino Lo Bianco, head of infrastructure for the EMEA region at Babcock & Brown, said, ‘We are pleased to be announcing the sale of this portfolio which has been successfully achieved notwithstanding the current unprecedented business environment and the significant constraints on capital globally.
‘We believe we have clearly demonstrated that the quality of the B&B Group’s wind energy portfolio has fully maintained its value even in the current market. Renewable energy assets, and wind energy in particular, will remain an attractive asset class for investment,’ he added.
The portfolio is owned in a 50/50 joint venture with BBW and the net proceeds to Babcock & Brown from its share will be used to pay down project debt secured against European wind assets, according to a statement.
Babcock & Brown has retained ownership of its other wind interests in Portugal, while negotiations on the sale of wind energy assets in France, Germany and Greece were ongoing, the firm said. The portfolios include ownership of 550 MW of projects under development in France, Germany and Greece and a total of 239 MW in operation or under construction across these countries.
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