Arcapita sells wind farm stake for $288m
Manama, August 23, 2007
Bahrain-based buyout firm Arcapita Bank is selling its one-third stake in the Zephyr wind-farm portfolio for 145 million pounds ($287.5 million).
Zephyr owns 17 wind farms with a combined capacity that represents about 20 percent of the UK's installed wind power.
Infracapital, a European infrastructure fund managed by Prudential M&G, and a subsidiary of an investment entity advised by JPMorgan Asset Management, will each buy half of Arcapita's stake.
Arcapita, which bought the stake in 2004, said it had been one of the firm's most profitable investments. It paid about 33 million pounds, according to media reports.
Englefield Capital, another previous investor in Zephyr, also sold its one-third stake earlier this year for the same price to Infracapital and the JPMorgan unit.
RWE Npower is the other original investor and still owns one third of the firm. - Reuters