Summaries - Australian Financial Review
Friday 28/8/2009 Page: 47
Wind power generator Infigen Energy is continuing to shed assets overseas and may make $2.4 billion of potential United States asset sales in six months. The move will assist Infigen Energy to start up new projects in Australia faster as emissions trading targets become harder. The sale process was revealed last week, with most interest coming from US utilities and pension funds, according to managing director Miles George.
Additional capital could assist Infigen Energy to consolidate its position as Australia's largest wind energy generator. Net debt fell 50% during the year for the company formerly known as Babcock and Brown Wind Partners. Macquarie Private Portfolio Management fund manager Gareth Hulbert says if US assets gain a reasonable price then this would assist funding for Infigen Energy's local development. One analyst warned buyers may cherry pick the best assets.
Full-year profit lifted to $189.5 million, in the first annual results since management ties were broken with Babcock and Brown. Mr George indicated that 25% shareholder in Infigen Energy, Kairos, and The Children Investment Fund backed the plan to hold onto the Australian assets.
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