Wednesday, 18 November 2009

Infigen sitting pretty

Tuesday 17/11/2009 Page: 5

WIND farm operator Infigen Energy is looking for possible acquisitions among the many struggling renewable energy companies that have been hit by a plunge in the price of renewable energy credits. Infigen Energy managing director Miles George yesterday said more and more distressed companies were approaching Infigen Energy as a potential saviour. Small renewable energy developers have been hit hard by a plunge in the price of renewable energy certificates caused by the Federal Government solar rebate program flooding the market for the certificates.

Mr George said Infigen Energy, which is selling US wind farms worth about $US1.2 billion ($A1.3 billion) after debt, could be interested in opportunistic takeovers. Infigen Energy - known as Babcock and Brown Wind Partners until a name-change this year - had a cash balance of $405 million at the end of the financial year. Infigen Energy shares rose 1 to $1.42.