Zephyr

An investment in Zephyr Investments Ltd was completed in April 2004. A second group of wind farms was contributed to Zephyr in December 2005, with a third group contributed in December 2006. Zephyr was the first off-balance sheet portfolio financing of wind farms operating under the UK Renewables Obligation Certificates ("ROCs") mechanism. RWE provided Zephyr with a long term fixed price power purchase agreement, including ROCs, and a long term operation and maintenance services contract for the assets. The Zephyr portfolio comprised 391 MW of mostly onshore capacity across the UK. The investment in Zephyr was done in partnership with Arcapita and RWE. In May 2007, Zephyr was sold to a consortium of Prudential's infrastructure fund and J.P. Morgan's infrastructure fund at an enterprise valuation in excess of €700 million.

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