29 August 2006 – International investment and advisory firm Babcock& Brown announced Monday its wholly-owned subsidiary Babcock & Brown Renewable Holdings Inc. acquired 100 per cent of the membership interests of Superior Renewable Energy LLC.
Superior, which was initially capitalized by CHx Capital, LLC of Denver, is a successful wind energy developer engaged in the greenfield development of utility-scale wind energy facilities. The acquisition includes Superior’s pipeline of development projects that consists of near, medium and long-term prospects as well as the talented Superior development team and technical staff.
Superior’s capabilities will also enhance Babcock & Brown’s ability to support its renewable energy development partners and clients with addition resources.
Hunter Armistead of Babcock & Brown said, “The Superior acquisition demonstrates our long-term commitment to the renewable energy sector. Babcock & Brown and Superior have a solid history of working together on successful projects, and we will now more efficiently realize the value Superior’s greenfield development team creates.”
John Calaway, former CEO of Superior, will transition to Babcock & Brown and lead the organic development effort. Mr. Calaway went on to say, “We have a proven history of mutual success with the Babcock team. Together, we have the right mix of development focus and financing capability to unlock the full potential of wind energy.”
The Superior acquisition is the latest transaction by Babcock & Brown in the global renewable energy industry and compliments its existing US wind portfolio consisting of over 550 MW in operation and over 700 MW expected to achieve commercial operations by the end of 2007.
Babcock & Brown, one of the largest investors in wind energy power projects in the US and around the world, have over 1000 MW of wind energy operating projects and more than 3000 MW in development worldwide.