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MEDIA |
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| ARCAPITA AGREES SALE OF WIND FARM PORTFOLIO FOR
£145 MILLION
MANAMA (September 11, 2007) - Arcapita Bank B.S.C.(c), a leading international investment firm headquartered in Bahrain, announced today that it and its affiliates have sold its one third stake in wind farm portfolio Zephyr Investments Limited (Zephyr), for a total consideration of £145 million. Under the agreement, the two purchasers, a subsidiary of an investment entity advised by JPMorgan Asset Management, and Infracapital Partners LP, the European focused infrastructure fund of Prudential M&G, each acquired 50% of Arcapita's investment. This is the third exit from Arcapita's portfolio within the last month amounting to a cumulative transaction value of approximately $700 million. Arcapita and its affiliates have held a one third stake in Zephyr since acquisition in 2004, within Arcapita's portfolio of asset-based businesses. During this time, Zephyr has grown to become a portfolio of 17 wind farms in the United Kingdom with a combined capacity of 391MW, representing approximately 20 percent of the installed wind power capacity in the UK. Atif A. Abdulmalik, Chief Executive Officer of Arcapita stated, "Zephyr has been one of Arcapita's most profitable investments to date, and the divestment of our interest after a three year holding period allows us to return to investors several times their original investment. It also represents another significant liquidity event within Arcapita's portfolio during 2007, joining the sale of Roxar, as well as recapitalizations for Paroc and Vogica." Asim Zafar, Global Head of Asset-Based Investments commented, "Our assetbased portfolio has been developed around investments which offer our investors stable earnings throughout the holding period, combined with the additional opportunity for capital growth at exit. With this exit, Zephyr has delivered on both of these criteria. Our asset-based professionals continue to evaluate further opportunities in this popular asset class across all regions, in response to high demand from our investors." Last month, Arcapita announced record results for Fiscal 2007, posting income of $285.7 million for the 18 months ending June 30.
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