Friday 8 September 2006

Green energy market 'robust'

Adelaide Advertiser
Friday 8/9/2006, Page: 69

WIND farm operator Babcock & Brown Wind Partners Group bumped up its distribution guidance for this year saying the market for wind energy remains robust.

BBW - spun off and floated by investment group Babcock & Brown last October yesterday reported a net loss of $16.24 million for 2005-06. But BBW chief executive Peter O'Connell said the renewable energy investor had begun the new financial year in a strong position.

"The 2007 financial year will be a year in which security holders will benefit from BBW's acquisition program and diversification strategy," Mr O'Connell said. "In recognition of the accretive acquisitions made during the year, the directors have upgraded the distribution guidance for fiscal 2007 from 11.2c per stapled security to 12.5c."

BBW has wind farms at Lake Bonney in the Riverland. Mr O'Connell said in the medium term, the company was also targeting at least 3.5 per cent compound annual growth in distributions.

Revenue for the year was $73 million while EBITA earnings reached $51.8 million. BBW declared a final distribution of 5.1c per security, taking the total distribution for the year to 10.2c. Its stapled securities closed up 7c to $1.46.

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