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South Dakota Wind Farm Begins Operations, Allowing First Two Midwest Universities to Be 100% Powered By Renewable Energy

WESSINGTON SPRINGS, S.D., Oct 15, 2008 - PRNewswire-FirstCall

Babcock & Brown and Heartland Consumers Power District announced today that South Dakota Governor Mike Rounds dedicated the Wessington Springs Wind farm, located just south of Wessington Springs, South Dakota. The 51-megawatt (MW) Wessington Springs Wind Farm will provide clean and renewable energy to the University of South Dakota (USD) and South Dakota State University (SDSU), which become the first universities in the Midwest to be powered with 100% renewable energy.

"The Wessington Springs Wind Farm is a great example of South Dakota's vast potential for future wind energy development," said South Dakota Governor Mike Rounds. "This new wind farm will help encourage the further development of wind energy throughout our great state."

"By harnessing the strong wind resources in South Dakota, we are creating a new and sustainable source of clean energy that will help to power two state universities and also address the area's growing power needs," said Hunter Armistead, head of Babcock & Brown's North American Renewable Energy Group. "We're pleased to begin operations at Wessington Springs, which is Babcock & Brown's first wind farm in South Dakota and increases our total number of operational wind farms across the country to 21."

"We were looking for a premiere wind developer, and we found that in Babcock & Brown," said Heartland General Manager Mike McDowell. "This project will have a significant impact on the economy and community of Wessington Springs and the surrounding area, and will be a tremendous energy producer for Heartland. With the Wessington Springs Wind Project, Heartland is the first utility in our state with 20% of its power supply as renewable resources."

Heartland Consumers Power District and the State of South Dakota entered a long-term contract in 1976 to supply power to South Dakota State University (SDSU) and The University of South Dakota (USD). The State recently signed a Memorandum of Understanding (MOU) with Heartland to declare that both universities will now use 100% renewable energy.

The Wessington Springs Wind Farm consists of 34 new General Electric 1.5 megawatt (MW) wind turbines, generating enough clean and renewable energy to power 15,000 homes per year. Construction of the wind farm began in the spring of 2008. The power produced will connect to the Western Area Power Administration (WAPA) transmission system and be purchased by Heartland through a long-term power purchase agreement.

About Heartland

Heartland Consumers Power District is a public power utility created in 1969 by the State of South Dakota. Based in Madison, Heartland provides low cost, reliable power, as well as energy services and community development programs, to communities and state agencies in South Dakota, Minnesota, and Iowa. Heartland has a diverse resource portfolio that includes base-load coal and nuclear energy, hydropower, and community-based natural gas and diesel peaking units.

About Babcock & Brown

Babcock & Brown is an international investment and specialized fund and asset management group with longstanding capabilities in the creation, syndication and management of asset and cash flow-based investments.

Babcock & Brown is one of the top five wind energy developers and operators in the world with more than 20 years of experience in wind energy. Babcock & Brown currently operates 21 wind farms across ten states, totaling more than 1600 MW of installed capacity, which is enough clean and renewable energy to power more than 400,000 American homes.

Babcock & Brown was founded in San Francisco in 1977. For further information about Babcock & Brown please see our website: http://www.babcockbrown.com/.

CONTACT: Matt Dallas of Babcock & Brown, +1-212-796-3918, matt.dallas@babcockbrown.com; or Danielle Rosheim of Heartland Consumers PowerDistrict, +1-605-256-6536, drosheim@hcpd.com

Web site: http://www.babcockbrown.com/

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