(20 December 2005 – Europe) Babcock & Brown is keeping its foot firmly on the acquisition pedal with the Australian investment bank set to buy a major European renewable energy company for US$584.2 million.The company, Enersis II SGPS SA, has a portfolio of renewable energy assets in Portugal, France and Spain.
Enersis has 116 staff and operates a number of wind energy and hydro power assets. It has also invested in biofuel and wave power technology.
Babcock & Brown European Infrastructure head, Antonio Lo Bianco, said the bank had the capacity to build on the successful track record of Enersis to grow earnings.
The move comes a week after Babcock & Brown Infrastructure Group announced it would buy UK port business PD Ports for A$805 million.
Earlier in the year, Babcock & Brown Capital purchased a 10.8 percent stake in Irish telco Eircom for A$350 million in October, which will pay management fees of one percent per annum to its associate, Babcock & Brown.