Englefield Capital, the London-based private equity house that closed its first fund at €700m in May last year, is hoping to complete its second deal in as many months following the December 2003 acquisition of Canopius, the Lloyd's of London reinsurance manager.

Englefield is understood to be close to acquiring a one third stake in National Wind Power, the UK's leading operator of wind farms, alongside Crescent Capital, the private equity arm of First Islamic Bank. Innogy, the UK electricity subsidiary of RWE, the German utility giant, and parent company of National Wind Power, would also retain a one third stake in the wind farm operator.