Infigen Energy (IFN) has agreed to a total consideration of $23.5 million to acquire Babcock and Brown International’s Australian and New Zealand wind energy project development assets, its US wind asset management business, and its minority interests in IFN’s existing wind farms in the US and Germany. Infigen said additional separation costs are expected to be approximately $8 million.

Managing director Miles George said the acquisitions would add to the growth prospects and value of the company’s operation in Australia and the US over the medium term.

“The acquisition of the Australian and New Zealand wind energy project development assets provides attractive options for continuing growth of our market leading Australian business, whilst the internalisation of the US asset management capability will enable us to capture further performance and cost improvements for our US wind farms, as well as providing a platform for growth in third party service revenue,” Mr George said.

“In addition, the acquisition of the remaining minority interests in IFN’s wind farms previously held by B&B will contribute approximately 20 MW of installed capacity and further consolidate the portfolio.”

The company said the Australian and New Zealand development opportunities have the potential to be delivered in the next five years.

Infigen said the majority of the remaining interests in the Australian wind energy development assets are owned by National Power Partners.

At 1033 AEST, Infigen shares were down 3.5c to $1.135.