Bluewater Wind and the Breakup of Babcock & Brown

The breakup of Babcock & Brown (BNB on the Australian Stock Exchange) continues, and Bluewater Wind is on the auction block. To follow the story, pay close attention to the acronyms.
Babcock & Brown Wind Partners (BBW) was publicly plotting its succession last year as BNB became mired in debt. BBW lost money last year, but remains a going concern.
Yesterday BBW announced an A$88.4 million (US$ 56.8 million) loss for the six months ending December 31. Half of that loss is attributed to the costs of buying its way out of the crumbling BNB empire. But the firm asserts it has a sound balance sheet and is poised to turn a profit in 2009:

BBW said on Tuesday it had submitted an offer to purchase B&B's Australian and New Zealand wind energy project development assets, and its US wind asset management business.

Bluewater Wind is not among the assets BBW is seeking to buy from its former parent. I am told that there are potential buyers interested in Bluewater.
In previous posts on the subject, I incorrectly identified Babcock & Brown Infrastructure (BBI) as Bluewater's parent company. I was wrong on that point; BNB owns Bluewater. BBI was to have built the project and BBW would have run it. (Confused yet? You should be.)
Bluewater has the funding it needs to stay in business for the time being, though it has not yet reached the point at which it will need the heavy capital to build the offshore wind project. Bluewater will build a meteorological tower off the shore of New Jersey under contract with the state government, which will reimburse the company up to $4 million.
Bluewater Wind, not Babcock & Brown, is the signatory on the power purchase agreement (PPA) with Delmarva Power, which means that a change of ownership may not trigger a review of the PPA. Earlier this month, I noted that a Delmarva Power spokesperson described the breakup of BNB and possible sale of Bluewater as a "non-issue."