Exits

Zephyr

In February 2004, Englefield invested in Zephyr Investments Ltd. 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 provides 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 comprises 391 MW of mostly onshore capacity across the UK. Englefield owns Zephyr in partnership with Arcapita and RWE.

On 31st May 2007, Englefield completed the sale of their interest in Zephyr to a consortium of Prudential's infrastructure fund and J.P. Morgan's infrastructure fund.

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