NEW YORK - FPL Group Inc's green-energy unit on Thursday said it agreed to buy three wind projects from Babcock & Brown Power for about $352 million.
FPL's NextEra Energy Resources -- the largest U.S. generator of wind power -- said the three projects have a combined capacity of 184.5 megawatts. They are located in Carson County, Texas; Dodge County, Wisconsin; and Jerauld County, South Dakota.
The company said more than 80 percent of the output from the facilities has been sold under long-term contracts.
Approvals for the deal are needed from federal agencies, including the U.S. Federal Energy Regulatory Commission and Department of Justice, FPL said.
Australian infrastructure investor Babcock & Brown, once one of that country's largest firms, has been under administration since March, after its market value plunged as the global credit-crunch hurt its debt-funded expansion model.
(Reporting by Michael Erman, editing by Gerald E. McCormick)