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HgCapital to power over 500,000 homes by 2010

London, 28 December 2006: HgCapital today announces the closing of its Renewable Power Partners Fund (“the fund”). At €300 million, the fund is the largest dedicated European renewable power fund raised to date. When fully invested, this HgCapital vehicle will support over €1.3 billion in renewable power projects – and generate enough power to light more than 500,000 homes. A number of the world’s leading institutions have invested in the Fund.

Tom Murley, a director of HgCapital with 15 years experience in renewable and conventional power projects, said: “More than four years ago, we recognised the compelling investment fundamentals emerging in the renewable energy sector. We undertook comprehensive research and developed an investment strategy to access and optimise these opportunities for our investors.”

HgCapital established itself as a market leader in January 2004, by building a dedicated energy investment team – and by investing its own capital alongside some of its closest clients in renewable power projects. Having honed its strategy and proven its ability to source and execute investments, HgCapital extended its platform through a tightly managed institutional market offering. The fund invests in European renewable power projects, from development stage through to the operational phase, across multiple technologies including wind power, biomass, landfill gas, waste, hydro, geothermal and solar.

HgCapital has made five investments to date including Tir Mosytn, a 21.25MW wind farm in North Wales, Sorne Wind, a 32 MW wind farm in Donegal, Ireland, Picardy Wind a group of 4 wind farms in Northern France and Wind Direct who develops, constructs, owns and operates onsite industrial wind farms. HgCapital also has a strong pipeline of opportunities across a range of alternative energy sectors including options on over 200MW of Italian wind farms in development.

Ian Armitage, Chief Executive of HgCapital, commented: “By the time we brought this fund to market, we had undertaken five investments, comprising 500MW of renewable energy, in attractive projects which were in operation, construction or development. As a result, we were able to articulate and demonstrate a clear and deliverable strategy to generate strong results for our investors.”

The resulting limited partnership fund is based on a well-defined strategy and proven tactics, combining dedicated sector expertise in renewable energy and infrastructure projects with the firm’s proven core investment skills, and cements a leadership role for HgCapital in the fast-growing and increasingly important renewable energy sector.

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