Stibbe advises ENECO in respect of the Q7 Offshore Windfarm

The Q7 Offshore Windfarm is a 120 MW offshore windfarm, comprising 60 Vestas V-80 wind turbine generators, located off the Dutch coast near IJmuiden. The project is owned and developed by group companies of ENECO Holding N.V., Econcern BV and Energy Investment Holdings B.V.

On 25 October 2006 the Coöperatieve Centrale Raiffeisen Boerenleenbank B.A. ("Rabobank") and Dexia Crédit Local ("Dexia") as mandated lead arrangers, and Eksport Kredit Fonden ("EKF"), as export credit agency, have closed the financing for the construction and operation of the Q7 Offshore Wind farm. This financing is believed to be the first ever non recourse financing for an offshore windfarm.

Stibbe has acted as adviser to ENECO in respect of its participation in the Q7 Offshore Windfarm and as adviser to ENECO and the project companies in respect of the financing of this project.