BBP Sells Uranquinty Power Station to Origin Energy
July 4, 2008
Babcock & Brown Power has sold its 100% interest in the Uranquinty power station to Origin Energy for an on completion value A$700 million.
According to the company, it will receive net proceeds of A$159 million from the disposal which will be used to repay part of the outstanding BBPH bridge facility and accordingly reduces the amount of the proposed $360 million BBPH corporate debt facility.
Len Gill, Chairman of BBP (Babcock & Brown Power) said: “The sale of Uranquinty, at a material premium to the cost of the project, underscores the quality and underlying value of Babcock & Brown Power’s (BBP) assets. It also represents the first step in our commitment to progressively reduce gearing.”