The company was privatised by the State Government of Victoria in March 1999, being sold to AES Corporation subsidiary AES Transpower for $350 million, the state retaining $11 million of cash from the business resulting in total proceeds of $361 million. Before this time Ecogen Energy was a trading name of the gas powered power stations operated by Generation Victoria. AES Transpower sold Ecogen Energy in December 2002 to Babcock & Brown and their investment offshoot Prime Infrastructure for $81 million; a 73 per cent stake was sold to Babcock & Brown Power in 2006 for $59 million. Babcock & Brown Power sold their stake to co-shareholder Industry Funds Management in 2008 for $87 million.
- Ecogen Energy Sale Agreement (26 March 1999)
- "News Release, Office of the Treasurer: Ecogen Energy sold". www.robertclark.net. 28 March 1999. Archived from the original on 5 June 2008. Retrieved 2010-03-07.
- Rod Myer (13 November 2006). "Big expansion planned for Newport". The Age. theage.com.au. Retrieved 2010-03-07.
- "Babcock & Brown Power sells Ecogen to pay debt". The Australian. www.theaustralian.com.au. 18 July 2008. Retrieved 2010-03-07.