(28 June 2005 – Australia) Investment bank Babcock & Brown has been given the green light to set up a new investment vehicle targeting businesses that are environmentally friendly.Babcock will manage Environmental Infrastructure Ltd (EIL) after the Sydney based environmental services company’s shareholders approved the restructure. The new vehicle will be renamed Babcock & Brown Environmental Investments.
In September 2001, EIL, which formerly operated in the wine industry, bought EarthPower Holdings, a renewable energy company that was owned by Babcock.
EIL will complete a A$39.2 million capital raising under the restructure and will also acquire a 50 percent stake in Natural Fuels Australia.