31 March 2004
First Islamic Investment Bank (FIIB), a leading Bahrain-based investment bank, has acquired a stake in a portfolio of wind farms in the United Kingdom with a total transaction value of over £400 million. First Islamic and its co-investors, RWE Innogy Plc, a leading integrated UK energy business, and another private equity investor, will each hold a 33.3 per cent interest in the portfolio through Zephyr Investments Limited.
The Zephyr portfolio will consist of substantially all the wind farms that are presently owned by RWE Innogy, together with those that will be constructed by RWE Innogy over the next three years. The completed portfolio is expected to comprise approximately 20 wind farms with over 430 MW capacity. A £300 million non-recourse financing has been raised to facilitate the transaction, underwritten by seven international banks.
RWE Innogy’s wind energy subsidiary, National Wind Power, will manage the portfolio of wind farms. RWE Innogy’s trading subsidiary will purchase the electricity output under long-term contracts as part of its strategy to meet the UK government’s renewable energy obligation targets.
Atif A. Abdulmalik, FIIB’s Chief Executive Officer, said: “We are pleased to invest in the UK renewable energy sector where considerable growth must take place in order for the UK electricity supply companies to meet the emissions reduction and renewable energy targets.”
Asim Zafar, Executive Director at First Islamic, said: “This is the third transaction we have completed in our asset-based investment line of business. We look forward to a successful partnership with RWE Innogy.”
First Islamic Investment Bank (FIIB), a leading Bahrain-based investment bank, has acquired a stake in a portfolio of wind farms in the United Kingdom with a total transaction value of over £400 million. First Islamic and its co-investors, RWE Innogy Plc, a leading integrated UK energy business, and another private equity investor, will each hold a 33.3 per cent interest in the portfolio through Zephyr Investments Limited.
The Zephyr portfolio will consist of substantially all the wind farms that are presently owned by RWE Innogy, together with those that will be constructed by RWE Innogy over the next three years. The completed portfolio is expected to comprise approximately 20 wind farms with over 430 MW capacity. A £300 million non-recourse financing has been raised to facilitate the transaction, underwritten by seven international banks.
RWE Innogy’s wind energy subsidiary, National Wind Power, will manage the portfolio of wind farms. RWE Innogy’s trading subsidiary will purchase the electricity output under long-term contracts as part of its strategy to meet the UK government’s renewable energy obligation targets.
Atif A. Abdulmalik, FIIB’s Chief Executive Officer, said: “We are pleased to invest in the UK renewable energy sector where considerable growth must take place in order for the UK electricity supply companies to meet the emissions reduction and renewable energy targets.”
Asim Zafar, Executive Director at First Islamic, said: “This is the third transaction we have completed in our asset-based investment line of business. We look forward to a successful partnership with RWE Innogy.”
© Bahrain Tribune 2004
