a good night in europe 2nite as ubs banking , page-3

As I understand it. BNB should not only be considered as a fund manager, but also as an infrastructure developer. You may recall the comments from Phil Green stating that BNB should be considered more like a “Westfield” type of business i.e. developer and asset manager.
The pipeline for wind developments alone is massive. Going on the recent Allco wind sale, BNB and BBW are absolute bargains! These guys are experts in wind & have been developing wind assets for many years before Allco and the like started. In addition consider that input costs to all other forms of energy are rising which will make their wind assets even more valuable in the future.
On the funding side, there is still plenty of cash out to invest in these assets, but I doubt these funds will be listed in the future. Super and pension funds (most cannot carry out any business activities directly) are still looking for a stable home to park their cash. The benefit with unlisted funds is the super/pension funds do not have to write down to market value each year whilst maintaining a steady high yielding income stream to pay there outgoing pensions.
This is just my opinion for what it’s worth. cheers