Bluewater and Babcock & Brown agreed for the acquisition to go ahead last week for an undisclosed purchase price.

The acquisition injects funds into what will likely be the first offshore wind energy farm in the US, clearing the last major hurdle in the effort to finance and build the project.

Peter Mandelstam, President of Bluewater Wind, said B&B's expertise in wind energy development, strong financial position and ability to raise any additional funds that would be required, would help to ensure the Delaware Offshore Wind Park would be securely funded.

The offshore 150-turbine, 450 MW wind park has the potential to provide 100,000 Delaware households with energy and meets the state's goals for stable-priced, clean energy. The wind turbines are to be located at least 18km offshore.

Recent moves by B&B in the US wind energy market include a decision in June to call off plans to finance an offshore wind project in Texas because of high costs and the availability of lower-priced alternatives in the area, including land-based wind power.

B&B is Australia's second largest investment firm, managing assets in excess of $57 billion.

A specialised investment fund called Babcock & Brown Wind Partners focuses on the wind energy generation sector, with interests in 35 wind farms on three continents that have a total installed capacity of about 1700MW.