Babcock & Brown Commences Construction

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Babcock & Brown was a leading supporter of designation of the Central

Panhandle Region as a Competitive Renewable Energy Zone (CREZ) by the Texas

Public Utility Commission, and plans to construct at least 1,000 megawatts of

wind generation to connect t“Babcock & Brown has a long-term commitment to development of the Texas
world-class wind resources and we are excited to commence
construction of the Majestic Wind Project, which has been under development
since 2003,” said

Hunter Armistead

, head of Babcock & Brown’s North American
renewable energy group. “The Majestic Project will be followed by Majestic II
next year, and then by our 1,000 MW Panhandle Wind Project once the ERCOT CREZ
transmission facilities are in place.”

“As one of the world’s largest owners and operators of wind energy
projects, we long ago recognized the superior wind resource in the Panhandle,
and we applaud the efforts of Rep. Swinford, as well as other State leaders
and the PUC, for creating and implementing the CREZ process to allow this
vital renewable energy resource to be harnessed for consumers throughout
Texas,” added Armistead.

The Majestic Wind Farm will interconnect into the existing SPP
transmission grid to supply power to the Panhandle region, as will a second
phase at Majestic, planned for construction next year. Development of the
1,000 MW Panhandle Wind project is ongoing, and construction will be timed to
coincide with completion of the ERCOT CREZ transmission lines.

Babcock & Brown currently has a total of five wind energy projects under
construction in Texas and other states, including Majestic and the following
four projects:

— Gulf Winds Project in Kenedy County, Texas (283 MW)

— South Trent Project in Nolan and Taylor counties, Texas (101 MW)

— Wessington Springs Project in South Dakota (50 MW)

— Butler Ridge Project in Wisconsin (54 MW)

Combined, these five wind projects have a 567.5 MW nameplate capacity and
represent an investment of more than $1 billion. Upon completion of these
five projects, Babcock & Brown will own, or manage on behalf of Babcock &
Brown Wind Partners (ASX: BBW), 25 operational wind farms in the U.S.,
representing more than 2,000 MW of clean, renewable energy — or enough to
power more than half a million American homes. Included among these is the 585
MW Sweetwater Wind Farm, one of the largest wind farms in the country, located
in Sweetwater, Texas. In addition, Babcock & Brown has more than 25 wind
energy projects in various stages of development around the country.

Babcock & Brown has offices throughout North America, including in
Houston, Austin and Dallas, where the Company’s 24/7 wind farm monitoring
headquarters is located.

Babcock & Brown has also invested in infrastructure projects in Texas
outside the wind energy sector including the development of conventional power
plants and its recent participation in the acquisition of the Natural Gas
Pipeline Company of America, one of the largest natural gas transmission
pipeline and storage systems in the country, which extends from Odessa, Texas
and the Texas Gulf Coast and traverses ten states in the Central US. In 2007,
Babcock & Brown acquired the Celanese Plant in Pampa, which it is converting
into the Pampa Energy Center, a conventional base load power plant.

Tejas Transmission LLC, a Babcock & Brown affiliate, is participating in
the PUCT process to select transmission service providers to build, own and
operate new ERCOT transmission lines to serve wind power in the recently-
designated CREZ areas. Babcock & Brown, has extensive experience in the
development of transmission infrastructure and has proposed to plan, finance
and construct approximately $1 billion in CREZ transmission lines in Texas.
Babcock & Brown is currently constructing the Trans Bay Cable Project in
California, a 53-mile long 400 MW HVDC transmission line that will supply up
to 40% of the electric needs of San Francisco upon completion. Babcock & Brown
Infrastructure (ASX: BBI) also currently owns and manages the Cross-Sound
Cable Project, a 330 MW DC transmission project connecting the electricity
grids in New York and New England.

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