RWE Innogy (Swindon, Wiltshire, UK), a British energy company, announced that it has signed a deal to secure development funds for its wind energy business. Under the agreement, RWE Innogy, Englefield Capital and the First Islamic Investment Bank will each assume one-third of the share capital of an investment fund, Zephyr Investments, which was established last April. Zephyr owns 100 percent of Beaufort Wind which, in turn, owns RWE Innogy's existing wind assets.
RWE Innogy, through its subsidiary National Wind Power, is currently commissioning 30 turbines at the first major offshore windfarm in Britain, North Hoyle, off the coast of North Wales. Ownership of the 60 MW facility will be transferred to Beaufort after a period of operation. National Wind Power will continue to construct an estimated 430 MW of wind turbines over the next three years, but the assets will be sold to Beaufort Wind after completion. The deal will include a £300 million debt facility.
"Wind power is a vital part of our portfolio, and the increased leverage this brings to our leading development capabilities and balance sheet strength will ensure that we remain at the forefront of this growing market," stated RWE Innogy CEO Andrew Duff. "It means we can continue playing a major part in meeting the governments' environmental targets for renewable energy development."
