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HgCapital announces second wind farm investment in eight months

London, 25 July 2005. HgCapital, the European sector-focused private equity investor, has invested in Sorne Wind Limited, which has developed and is constructing the 32MW Sorne Hill wind farm in County Donegal, Ireland. It is HgCapital’s second wind farm investment in less than a year, following its acquisition of the Tir Mostyn wind farm in North Wales in December 2004. The Tir Mostyn site is in the final stages of construction and will commence full operation in October as scheduled. The transaction continues HgCapital’s strategy of building a portfolio of renewable energy assets across Western Europe.

Tom Murley, a director at HgCapital and head of the Renewable Energy team, said: “We are very pleased to become a partner in Sorne Wind. Sorne will capitalise on the dual advantages of the area’s superior wind resources and state of the art equipment from Enercon. This continues our strategy of investing in quality wind and renewable energy projects in Europe. We foresee further investments over the coming months.”

The Sorne Hill project will consist of 16 Enercon E77 turbines, with a total capacity of 32MWs. When operational from May 2006, the wind farm will generate enough power annually to light over 20,000 homes and will save approximately 60,000 tonnes a year in greenhouse gas emissions measured against equivalent fossil fuel generation. The project will sell electricity to Bord Gais under a long-term contract.

In addition to HgCapital and sponsor equity, the Sorne Hill project is being financed by a construction and term loan facility arranged and underwritten by IIB Bank and KBC Bank. HgCapital was advised by AL Goodbody and Deloitte.

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