PRESS RELEASE
06/12/2006

Q7: EUR 379 M Facilities for the construction and operation of an offshore windfarm

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 on 25 October 2006 the financing for the construction and operation of the Q7 windfarm, a 120 MW offshore wind park, comprising 60 Vestas V-80 wind turbine generators, located off the Dutch coast near IJmuiden. This financing is believed to be the first ever non recourse financing for an offshore windfarm.

The project, owned and developed by group companies of ENECO Holding N.V. (ENECO), Econcern B.V. (Econcern) and Energy Investment Holdings B.V. (EIH), is built by Vestas Wind Systems A/S (Vestas) and Van Oord Dredging and Marine Contractors B.V. (Van Oord) under separate construction contracts, and will initially be operated by Vestas Offshore, an affiliate of Vestas, under a 5-year warranty, operations and maintenance contract. Construction started this summer and is expected to be completed by 1 March 2008, for a total investment cost of EUR 383 million. It will sell electricity to ENECO Energy Trade B.V, an affiliate of ENECO and will benefit for 10 years from the MEP regime for renewable energy projects in the Netherlands. It will produce approximately 400 GWh per year, enough to supply 125,000 households, and avoid the emission of 225,000 tons of carbon.

The financing includes EUR 219 million, 11-year, non recourse long terms facilities and EUR 160 million short term construction facilities. The long term facilities are fully underwritten by the Mandated Lead Arrangers and EKF, which guarantees EUR 68 million to support the export of Vestas equipment from Denmark. Rabobank is the Hedging Bank, Security Agent and Facility Agent for the transaction. Dexia and Rabobank provide the construction facilities. Syndication of the long term facilities to a small number of additional banks is expected before year-end.

The financing structure includes a number of novel features to mitigate the risks associated with the construction and long term operation of wind turbines at sea, including the availability of a contingent facility (jointly with contingent equity provided by ENECO) to cover potential cost overruns or delays, cash sweep mechanisms and specially tailored availability guarantees under the operating contract with Vestas that allow debt service to continue even during periods of lower availability than expected. The project also benefits from a comprehensive, 11-year insurance programme with Delta-Lloyd N.V.

Rabobank, Dexia and EKF were advised by Allen & Overy LLP (legal), Mott MacDonald Ltd (lenders' engineer) in conjunction with SgurrEnergy Ltd (wind resource) and James Ingram Associates (offshore engineering), Loyens & Loeff (tax), Operis Group plc (model audit) and Miller Insurances Ltd (insurance), thus ensuring a comprehensive project finance due diligence package. The owners were advised by Stibbe N.V. and CMS Derks Star Busmann (legal), Advistaal (technical), Profin financiële & assurantie adviseurs BV and Marsh (insurance). EKF was additionally advised by Kromann Reumert.

Press contact : Babeth Mollat + 33 1 43 92 77 05 / Jérôme Guillet +33 1 43 92 73 40

Econcern BV (www.econcern.com)
Econcern is the holding company of Ecofys, Evelop, Ecostream and Ecoventures. The mission of these European companies is to ensure a sustainable energy supply for everyone. Econcern specialises in delivering expert services, products and projects in all areas of sustainable energy and energy efficiency. Besides its activities in the Netherlands, Econcern is also engaged in offshore wind farm initiatives in the United Kingdom, Belgium and Germany.

Contact: Ellen Hendrix, +31 30 280 8319 / e.hendrix@econcern.com

ENECO Energie (www.eneco.nl)
ENECO Energie is one of the three leading energy companies in the Netherlands. ENECO Energie, which has an integrated distribution strategy, focuses on the transport, trade and supply of energy (electricity, gas and heat) and related products and services. In total the company serves around two million business and private clients. In 2005 ENECO had a turnover of over 3.6 billion and a net profit of 302 million. ENECO Energie employs some 4600 employees mainly in the provinces of Zuid-Holland and Utrecht. The main office is in Rotterdam, the Netherlands.

Contact: Cor de Ruijter +31 10 457 6982 / c.a.deruijter@eneco.nl

Energy Investments Holding (EIH) (www.energyinvestments.nl)
Energy Investments Holding is a specialized investment company that solely invests in generating sustainable energy. Energy Investments Holding is also active in France, the United Kingdom, the Caribean and Germany.

Contact: Jaap Groenhof +31 34 343 0445 / jgroenhof@energyinvestments.nl

Rabobank (www.rabobank.com)
Rabobank Group is a full-range financial services provider founded on cooperative principles. The Group is comprised of 218 independent local Rabobanks in the Netherlands, the central organisation Rabobank Nederland and a large number of specialised subsidiaries. In the Netherlands, Rabobank has dominant market positions in almost all financial services areas: home mortgages, savings, small and medium-sized businesses, the food & agri sector and large corporates. Throughout the world, Rabobank Group, through Rabobank International, offers corporate finance, including project finance. Sustainability and responsibility towards society are keywords in the signature of Rabobank and primary selection criteria for the participation of Project Finance in ventures. Rabobank earned the title of the more sustainable bank in Europe in both 2003 and 2005. This rating was awarded by the Swiss Sustainable Asset Management Group which is the leading international rating agency in the field of sustainability.

Rabobank Group is a top 15 bank worldwide measured by Tier 1 capital,, has been awarded the highest credit rating (Triple A) and has 289 offices in 37 countries outside the Netherlands.

Contact: Niels Jongste +31 30 216 2904 / niels.jongste@rabobank.com

Dexia Crédit Local (www.dexia.com)
Dexia was born from the alliance in 1996 of the two major European players in local public finance: Crédit local de France and Crédit Communal de Belgique. Both institutions, together with Banque Internationale à Luxembourg (BIL), were united under the name Dexia in 1999, in one of the very first cross-border mergers in the European banking sector. Today Dexia ranks as one of the top fifteen banks in the euro zone and is, in particular through its subsidiary Dexia Crédit Local, the leading bank in the local public finance market in Europe. It offers a wide range of innovative products amongst them project finance and public-private partnerships with major local players in the fields of public transport, the environment and energy. Dexia¿s long-term intervention horizon and proximity to customers are the basis of its commitment to sustainable development. Dexia¿s loan portfolio in the wind power sector includes more than 50 transactions in 13 countries, for a total commitment of more than EUR 800 M, with Dexia acting as Mandated Arranger in more than half of these.

Contact: Jérôme Guillet +331 4392 7340 / jerome.guillet@clf-dexia.com

Eksport Kredit Fonden (www.ekf.dk)
Eksport Kredit Fonden's (EKF) most important task is to ensure competitive terms for Danish exports. EKF is the only company on the Danish market to offer insurance against the extraordinary risks that are not covered by private credit insurance.

EKF plays a key role in insuring the financing of Danish exports to growth markets that are subject to both political and commercial uncertainty. EKF provides guarantees in connection with export activities all over the world. EKF operates on commercial terms and conditions and is guaranteed by the Danish State.

Contact: Stine Colding +45 35 46 61 28 / sco@ekf.dk