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In the light of the low priced contracts recently awarded to projects under the third round of the Non Fossil Fuel Obligation (NFFO-3), existing schemes with earlier NFFO contracts look more interesting to investors by comparison, believes Jonathan Johns of accountants Ernst & Young. "Because previous NFFO wind schemes look better value, the opportunities to refinance NFFO-1 and 2 schemes on a more attractive basis look very good in retrospect," he says. "There is likely to be a demand by people to take equity stakes in those projects or for some refinancing. Moreover, if a NFFO-2 project is not doing so well it may be possible to rescue it." He also points out that the change in interest rates since most existing NFFO-2 schemes were financed also helps make this option more attractive. He adds: "NFFO-2 contracts are becoming a valuable tradeable commodity, which has got to be good for the industry" .

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