More portfolio diversification

Among Babcock and Brown's flurry of activity in recent weeks (main story) was news of a framework agreement with Nordex for the supply of 640 MW between mid-2008 and 2011 and an order for 283 MW of Mitsubishi 2.4 MW turbines for projects in the US Southwest (page 49).

The Nordex deal, worth around EUR 700 million, is the largest yet for the German turbine manufacturer, which came back into profit last year with revenues of EUR 514 million. Nordex will supply 120, 2.3 MW and 2.5 MW turbines with a combined capacity of 289 MW. The machines are slated for projects mainly in Portugal but also in France, which Nordex will fully complete for B&B. B&B has an option on a further 100 turbines representing up to 250 MW and on 100 MW of projects developed by Nordex in France.

Until now, Nordex turbines have made up just 2.2% of the wind asset portfolio held by Babcock & Brown Wind Partners (BBW). Gamesa units have made up 35.4% and Vestas 31.1%, with Mitsubishi representing 15.8%, GE Energy 12.1% and Enercon 3.2%. That balance will change in coming months after B&B's recent acquisitions of projects near to completion. Vestas, Mitsubishi and Gamesa will account for more or less equal shares of three quarters of the portfolio, with Siemens moving in with 5.6%, reports BBW's Miles George. Looking further to the future, the latest Nordex and Mitsubishi orders look set to shift the balance yet again.

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