Babcock & Brown Files to Build New Electric Transmission in Texas
DALLAS, March 27 /PRNewswire-FirstCall/ -- Tejas Transmission LLC, a subsidiary of Babcock & Brown, yesterday filed a notice of its intent to establish a new regulated electric utility business unit to construct, own and operate transmission facilities in Texas. This notice was filed in response to a request for qualifications from interested parties by the Public Utility Commission of Texas (PUC) in its ongoing Competitive Renewable Energy Zone (CREZ) proceedings.
"Babcock & Brown is one of the leading developers, operators and investors in Texas power generation and with our significant experience in electric transmission, we would like to continue this commitment to the state of Texas by building new transmission facilities," said David Parquet, a Babcock & Brown executive who will lead Tejas' efforts. "We appreciate the PUC's desire for new entrants to the Texas market to help build these new CREZ facilities, and we look forward to helping Texas develop much-needed transmission facilities to meet the state's growing power needs and help deliver new sources of clean and renewable energy to the growing customer base in Texas." Babcock & Brown is a leading developer and manager of infrastructure and transmission facilities. Its staff has participated in development, engineering, construction, financing and operation of transmission facilities in North America, Australia and New Zealand. In the US, Babcock & Brown is currently developing, or has recently developed, new electric transmission facilities in California, Colorado, New York and New Mexico. Babcock & Brown is the manager of Babcock & Brown Infrastructure , the owner and operator of the Cross Sound Cable Project, a 330-Megawatt (MW) HVDC transmission system interconnected between the New England and New York power systems. Babcock & Brown, together with Babcock & Brown Infrastructure and a syndicate of investors and Babcock & Brown managed accounts is a majority owner of the Natural Gas Pipeline of America, one of the largest natural gas transmission pipeline and storage systems in the United States, which extends from Odessa, Texas and traverses ten states in the Central US.
Babcock & Brown is also among the largest wind energy developers in US and global markets alike, with significant capacity already operating in Texas and further capacity coming online. Babcock & Brown owns and operates the 585 MW Sweetwater Wind Farm and has over 2,000 MW in development throughout Texas. In 2007, Babcock & Brown acquired the Celanese Steam Plant in Pampa, Texas where it is currently developing the Pampa Energy Center, projected to have up to 800 MW of conventional baseload power generation. The Pampa Energy Center, combined with Babcock's approximately 1000 MW of adjacent wind generation, will provide much need long-term generation resources to Texas. In Texas, Babcock & Brown operates out of offices in Dallas, Houston and Austin.
About Babcock & Brown Babcock & Brown is an international investment and specialized fund and asset management group with longstanding capabilities in structured finance and the creation, syndication and management of asset and cash flow-based investments. Babcock & Brown was founded in 1977 and is listed on the Australian Securities Exchange. Babcock & Brown operates from 30 offices across Australia, North America, Europe, Asia, United Arab Emirates and Africa and has in excess of 1,400 employees worldwide. Babcock & Brown has four operating divisions including real estate, infrastructure, operating leasing, corporate and structured finance. The company has established a funds management platform across the operating divisions that has resulted in the creation of a number of focused investment vehicles in areas including real estate, renewable energy and infrastructure. For further information about Babcock & Brown please see our website: http://www.babcockbrown.com/. Further Information: First Call Analyst:
CONTACT: Matt Dallas of Babcock & Brown, +1-212-796-3918, Web site: http://www.babcockbrown.com/
2008-03-27 18:15:50 0321839 PRNEWSWIRE
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