Earlier this week, Savills divested itself of half its wind joint venture for £23 million.
Now it’s been joined in the wind-dropping gang (that didn’t come out quite how Greenbang meant it) by investment group Babcock and Brown, which is now seeking to shed its European wind farms.
During this week, Babcock & Brown will receive first round indicative offers for the unique portfolios of European wind energy assets. Based on the level of interest received and current indications, these sales are expected to be finalised in the third quarter and reach financial close either simultaneously or early in the fourth quarter of 2008.
According to the venerable organ that is the Financial Times, those wind farms could be worth up to AU$2.5 billion.
Today’s second wind seller is financial services company Allco, which is getting rid of its wind assets for AU$325 million.
The interests being sold comprise a circa 3100MW wind development project in Tehachapi, California, one of the largest wind development projects in the world.[…]
Allco’s after tax share of sale proceeds is expected to be approximately A$165 million, which it will use to further pay down its senior debt facilities with its banking syndicate. In addition, on closing of the sale, Allco will be released from certain letter of credit obligations totalling A$65 million. Allco’s corporate senior debt and contingent commitments are expected to be reduced by approximately A$230 million in total as a result of the sale, based on current exchange rates.