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19 December 2005 - International investment firm Babcock & Brown Limited has purchased one of Europe's largest independent renewable energy firms with the intention of breaking up and selling off its assets.
The investment firm purchased 100 per cent of Enersis for approximately €490m ($589m). The integrated renewable energy company has hydro and wind projects in Portugal, Spain and France as well as small investments in bio-fuel and wave technologies.
Peter Hofbauer, head of Babcock & Brown's Global Infrastructure and Project Finance division, said: "The opportunity to acquire this entity with a large portfolio of high quality wind energy and hydro power assets located in key European renewable energy markets provides Babcock & Brown with the opportunity to add further value, disaggregate the portfolio and ultimately offer investors the opportunity to invest in these quality assets."
Enersis' asset base has grown from 143 MW in 2002, to 620 MW currently in operation or under construction.
The acquisition will raise Babcock & Brown's wind energy portfolio to 3000 MW across Australia, USA and Europe.
The Australian investment firm purchased the Enersis shares from Semapa, Astural and Sonagi.
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