Sydney-based investor Babcock & Brown has secured financing to complete construction of a 79.5 megawatt wind farm in the Texas Panhandle. The wind farm, near Amarillo, Texas, is expected to be fully operational by the end of the year.

Babcock & Brown’s Majestic Wind Farm is part of a larger, $1 billion company effort to build wind power farms in Texas, South Dakota and Wisconsin.

Texas is expected to have 4,200 MW of wind power by late 2010. Babcock & Brown has said it plans to construct at least 1,000 MW of wind power in the project, known as the "Panhandle Loop" .

The wind power objective is part of a still larger, 8,000 MW plan, consisting of renewables, natural gas and coal-fired power plants. It will supply 1 million homes.

Babcock & Brown has twenty wind farms across nine states, totaling nearly 1,600 MW of installed capacity, and is one of the top five wind developers in the world.

Meanwhile, it has been reported that the sale of some of Babcock & Brown’s European wind farms will yield the company as much as $3 billion. The funds will be used to reduce debt. The company has also announced plans to buy back up to 10 percent of its shares over the next 12 months because it believes that its current share price does not reflect the value of its assets.