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28th January 2004
Pennant Wind act as technical advisors for £400 million wind power deal
Pennant Wind Ltd are pleased to have been part of a groundbreaking deal signed today between three partners: RWE Innogy, Englefield Capital LLP, and the First Islamic Investment Bank E.C. (F.I.I.B.) through its investment vehicles arranged by its subsidiary, Crescent Capital Investments (Europe) Limited.
Under the £400 million wind power deal each partner will take one third of the share capital of the investment fund, Zephyr Investments Ltd, established in April 2003. Zephyr Investments is the 100% shareholder in Beaufort Wind Ltd which owns RWE Innogy's existing operating wind assets.
Pennant Wind Ltd acted as principal technical consultants for Englefield Capital during the deal.
Wind developments completed over the next 3 years, up to an estimated portfolio total of 430 megawatts (MW), will continue to be developed, constructed and managed by National Wind Power, but will be sold to Beaufort Wind after completion. The deal will include a £300 million debt facility.
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