Exits

Zephyr

In February 2004, Bregal 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 provided 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 comprised 391 MW of mostly onshore capacity across the UK. Bregal owned Zephyr in partnership with Arcapita and RWE.

In May 2007, Bregal completed the sale of their interest in Zephyr to a consortium of Prudential's infrastructure fund and J.P. Morgan's infrastructure fund at an enterprise valuation in excess of £700 million.