A wind-farm developer with a troubled parent but big plans for the Panhandle tried Tuesday to confirm its commitment to the project.

Babcock & Brown Renewable Holdings filed a letter Tuesday with the Public Utilities Commission explaining why it withdrew its letter of credit for a 1,000-megawatt wind farm it still plans to build in Carson and Gray counties.

The letter lists several recent actions the company says show its intentions. They include completion of the Majestic I wind farm in Carson County, the leasing of an additional 20,000 acres for turbines and continuing environmental and wind studies in the area.

The company characterizes the withdrawal as an adjustment, but it got the attention of regulators.

"It's not as if there is any kind of penalty, but it's certainly something to be concerned about," said Terry Hadley, a Public Utilities Commission spokesman. "We'll have to see what the significance of this is."

Several companies, including Babcock & Brown, previously formed an alliance to promote a plan called the Panhandle Loop. The loop took transmission lines through the areas where the partners planned to build wind farms.

The PUC has since come up with its own plan, making the loop and the letter of credit for it irrelevant, said Matt Dallas, a Babcock & Brown spokesman.

While the previous letter of credit was voluntary, the company and other developers will have to file mandatory letters of credit this year. Those letters will grant the companies filing them priority access to transmission if too much generation causes congestion and power generation must be reduced, according to PUC rules.

Last year, the stock price of parent company Babcock & Brown, an international investment fund and asset manager, crashed. It is negotiating with the syndicate of banks that previously lent it $3.1 billion and selling companies and projects to raise cash.

On Friday, the parent notified shareholders their shares would be basically worthless under current reorganization plans.