Babcock & Brown Power (BBP) announces financial close of the sale of its remaining interest in the Kwinana Power Station to an entity related to ERM Power Pty Limited. Proceeds of $50 million have been received today and an amount of up to $13.2 million has been deferred until the third quarter of 2009. The amount of the deferred payment is subject to the performance of Kwinana through to 30 June 2009. Ross Rolfe, BBP CEO said “We are pleased to announce financial close on the sale of Kwinana, which has enabled full repayment of the BBPH debt facility. BBP continues to make progress with the wider sales process and will provide an update to security holders in the fourth quarter of FY2009.”
Tags: Asset Sale, Babcock & Brown, BBP
