Babcock & Brown Power (BBP)

Stock Code

BBP

Stock Exchange

Australian Securities Exchange

Babcock & Brown Power (BBP) is a leading power generation business. The principal activities of the Company include the development, operation and acquisition of the power generation portfolio. BBP listed on the Australian Stock Exchange on 11 December, 2006. As at fiscal 2008, the Company held interests in 12 operating power stations, with installed generation capacity of 3,000 megawatts and construction of two power stations in progress. The Company also holds interests in a range of other related power assets, comprising the Western Australia retail assets of Alinta. BBP is comprised of Babcock & Brown Power Limited and the Babcock & Brown Power Trust. In February 2008, the Company completed the purchase of BBP Neerabup Power Pty Limited from B&B Australia Infrastructure. On July 4, 2008, Origin Energy Ltd acquired all of the interest held in the Uranquinty Power Station based near Wagga Wagga in southern New South Wales from Babcock & Brown Power. The responsible entity of the of BBP is Babcock & Brown Power Management Pty Ltd, which in turn is a subsidiary of Babcock & Brown. The Company’s investment portfolio is diversified according to geographic location, fuel, source, consumers, contract type and operating mode. Its portfolio is comprised of base load, intermediate and peak power stations.

Babcock & Brown Power History

BNB has been operating power stations in Australia since 1997. The strategy followed by BNB is based on the ownership and co-development of projects. The co-developed projects of BNB include the Oakey, Redbank and Braemar assets. In 2003, BNB completed the acquisition of the Ecogen assets. In 2005, BBP was established with a focus on acquiring the BNB's investment in Kwinana. BNB completed the acquisition of Flinders in 2006. BBP became floated on the Australian Stock Exchange on 11 December 2006.