Englefield Capital, the London-based private equity house that closed its first fund at €700m ($868m) in May last year, is making its second investment, buying a one-third stake in National Wind Power, the wind energy subsidiary of RWE Innogy, the German utility giant.

Under the terms of the transaction Englefield, First Islamic Bank EC and RWE Innogy will each control one third of National Wind Power's share capital. The investors have committed to purchase all the wind farms in the RWE Innogy portfolio as well as those to be constructed over the next three years.