Babcock & Brown buys wind power firm

1 October 2007 — Australian investment firm Babcock & Brown Ltd bought offshore wind power developer Bluewater, which is seeking to build a wind farm off the coast of Delaware. Terms of the deal were not disclosed.

The companies said Bluewater would continue to negotiate a power purchase agreement with Pepco Holdings Inc’s Delmarva Power subsidiary. The proposed 150 turbine, 450 MW wind farm would be 11 miles offshore.

In July 2005, Delaware adopted a Renewable Portfolio Standard requiring that 10 percent of the state’s electricity come from renewable sources by 2018.

Bluewater, of Hoboken, N.J., was part of Arcadia Windpower, of New York. Bluewater also has projects in various stages of development in Rhode Island, New York and New Jersey.

Babcock & Brown, of Sydney, manages more than $50 billion in assets. It manages more than 1,200 MW of wind power directly or though its family of funds, including 18 wind farms in eight states.