Article

Bluewater pushes ahead

Delaware's major renewable energy project -- the Bluewater Wind offshore wind farm -- is still a go, even as credit markets tighten company officials say. That's true even given significant debt problems faced by Bluewater's Australian parent company, Babcock and Brown.

Delaware's major renewable energy project -- the Bluewater Wind offshore wind farm -- is still a go, even as credit markets tighten company officials say.

That's true even given significant debt problems faced by Bluewater's Australian parent company, Babcock and Brown. On Thursday, Babcock persuaded creditors to refinance its debt, providing a lifeline to a company whose stock price has plummeted in recent months.

The Bluewater project is still several years away from construction. Company officials have targeted 2011 to start building the project, which is slated for more than 11 miles off Rehoboth Beach. That is the year when the company would buy its turbines, and need to tap heavily into the credit markets, company officials say.

The first turbines are expected to spin as early as 2012.

On Friday, Hunter Armistead, head of Babcock's North American Energy Development Group, said through a spokesman that the company is "fully committed to this project, and looking forward to working with Delaware on it."

The spokesman, Matt Dallas, said Babcock has 20 wind farms operational in the United States, and will open five more before the year is over.

"Our North American wind energy business is very strong and continuing to be a core... more [truncated due to possible copyright]  

Delaware's major renewable energy project -- the Bluewater Wind offshore wind farm -- is still a go, even as credit markets tighten company officials say.

That's true even given significant debt problems faced by Bluewater's Australian parent company, Babcock and Brown. On Thursday, Babcock persuaded creditors to refinance its debt, providing a lifeline to a company whose stock price has plummeted in recent months.

The Bluewater project is still several years away from construction. Company officials have targeted 2011 to start building the project, which is slated for more than 11 miles off Rehoboth Beach. That is the year when the company would buy its turbines, and need to tap heavily into the credit markets, company officials say.

The first turbines are expected to spin as early as 2012.

On Friday, Hunter Armistead, head of Babcock's North American Energy Development Group, said through a spokesman that the company is "fully committed to this project, and looking forward to working with Delaware on it."

The spokesman, Matt Dallas, said Babcock has 20 wind farms operational in the United States, and will open five more before the year is over.

"Our North American wind energy business is very strong and continuing to be a core business of Babcock and Brown going forward," Dallas said.

Bluewater can't get started on getting federal permits until the Minerals Management Service finalizes its rules for offshore power generating facilities. It is expected to do so by Jan. 20. Permitting is expected to take until the end of 2011.


Source: The News Journal

DEC 6 2008
https://www.windaction.org/posts/18184-bluewater-pushes-ahead
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