Fund breezes into the black

Adelaide Advertiser
Tuesday 28/8/2007 Page: 39

THE owner of the Lake Bonney wind farms in the South-East, Babcock and Brown Wind Partners Group, has made a comeback from the red to post an annual profit. The wind-power investment fund made a net profit of $13.8 million in 2006- 07 compared to a loss of $16.2 million in the previous year.

It said it was well placed to benefit from acquisitions this year. "Babcock and Brown Wind Partners remains well placed to further build and consolidate its position as a leading global wind energy business," chief executive Miles George said yesterday. "Babcock and Brown Wind Partners has access to a quality acquisition pipeline which we expect will deliver opportunities for continued growth on an accretive basis." The fund said participation in Babcock and Brown and Singapore Power International consortium to acquire energy group Alinta also had enhanced its acquisition capacity.

In 2006-07, the group snapped up wind farms across the world, including in Spain and Germany. It is building a wind farm in France and is adding to its U.S. operations. It declared a final distribution of 6.25c per stapled security, taking the total for the year to June 30 to 12.5c.